The Egyptian Resorts Company (ERC) has recorded revenues of EGP 49.5 mn in the third quarter of 2016, compared to last year’s EGP 16.7 mn, according to its latest financial statement.

Moreover, it registered total revenues of EGP 65.5 mn in the first nine months of 2016 recording a 79% year-on- year increase, according to a financial statement.

The company has also achieved gross profits of EGP 13 mn in the third quarter, compared to last year’s EGP 11.7 mn.

The company moreover registered an operating profit of EGP 7.3 mn in Q3, compared to an operating loss of EGP 17.3 mn in the same quarter last year.

There was a marked slowdown in collections the first nine months of the year due to a decline in retail buyers’ and investors’ payments as result of the drop in the tourism sector, whereby the company collected EGP 41.1 mn. Further, the company held a cash balance of EGP 98.4 mn at the end of those nine months.