Egypt-based Marsa Marsa Alam for Development Tourism financial statement on the Egyptian Stock exchange website shows the company’s nine-month financial loss year-on-year has narrowed, according to Reuters.

The company’s net loss amounted to EGP 1.3 mn during the first nine months of 2017, versus EGP 6.9 mn during the same period the previous year.

Marsa Marsa Alam for Development Tourism, formerly Marsa Alam for Touristic Development (MATD), a member of Kharafi Group, is an Egyptian-based company that is engaged in the development and construction of different touristic communities and villages.

The Company has undertaken the construction and operation of Port Ghalib Resort, which consists of cafes, restaurants, bars, hotels and apartments, along with roads and infrastructure.