ERC Discloses to EGX Q2 2014 Results17 September 2014
Egyptian Resorts Company (EGX: EGTS.CA), Egypt’s leading master developer of mega communities, announced today its consolidated results for the second quarter of 2014, reporting revenues of EGP 44.4 million compared with revenues of EGP 12.8 million in 2Q 2013. The company reported a net loss of EGP 9.1 million in the quarter, compared to a net profit of EGP 1.3 million in the same period of last year. Revenues from land sales include a previously sold plot where the contract was annulled and sold to an existing developer, in addition to a land plot sold to another existing hospitality investor who is expanding his project. General and administrative expenses narrowed 47.5% Y‐o‐Y to EGP 6.0 million in 2Q 2014, while selling and marketing expenses closed the quarter at EGP 3.3 million. The company’s balance sheet remained liquid at the close of the second quarter, with cash of EGP 85.4 million.