Cairo – Mubasher: New Ismailia Urban Development announced that the board of directors approved the estimated budget for the fiscal year 2017, a bourse statement showed on Sunday.

The company looks forward to registering EGP 1.1 million and EGP 1.5 million in revenues and expenses, respectively.

In addition, losses are expected to stand EGP 418,000 over 2017, said the company, revealing its budget deficit is likely to hit EGP 1.1 million.  

Q3 losses fell 49% year-on-year to EGP 95,700 from EGP 188,400, according to a Sunday's bourse filing.

Over the first nine months, the company registered EGP 857,200 losses, higher 30% year-on-year from EGP 655,600 losses for the year-ago period.