The Egyptian joint stock company Marsa Marsa Alam for Development Tourism  posts a net loss of EGP 617,633 during the first quarter of 2017, compared to a loss of EGP 6.2 mn a year ago, Invest-Gate reports.

The company’s financial results show that the company’s losses in this period have narrowed, compared to losses recorded last year. The company also reveals that its financial results were not affected by the Egyptian pound flotation.

The company, which was incorporated in 2003, is engaged in the establishment and management of hotels and resort villages. Marsa Marsa Allam operates the Badawia complex which consists of 205 rooms and offers to its visitors a pool, a diving centre, sports facilities.