ERC, Obour Land report 1H2018 results
EARNINGS WATCH- Egyptian Resorts Company (ERC) posted a net loss of EGP 9.3 mn in 1H2018, down from a net profit of EGP 47.5 mn in the comparable period last year, according to the company’s earnings release (pdf). Revenues were 53% lower y-o-y at EGP 63 mn, due to slowed sales activity. Despite that, service revenues increased 30% y-o-y to EGP 39.1 mn. Looking ahead, the company intends to focus on its cost-control policies as well as diversifying its product offerings and investing in new commercial and retail projects to enhance the value of its land bank.
Cheesemaker Obour Land reported a net profit of EGP 114.38 mn in 1H2018, up from EGP 95.99 mn in the same period last year, according to a bourse filing.
CORRECTION- We goofed on GB Auto’s earnings last week by reporting that its consolidated net profit of EGP 148.1 mn in 2Q2018 was up 52% y-o-y from EGP 33.5 mn. It was actually up 342.0% q-o-q from 1Q2018 from EGP 33.5 mn. The story has since been corrected on our website with our sincerest apologies.