Egypt-based Remco for Tourism Villages Construction has uncovered that sales of two of its newest projects in east Cairo have reached a total of EGP 3 bn so far, Invest-Gate reports.

The sales of Remco’s project in Ain Sokhna reached EGP 2 bn, while its New Administrative Capital (NAC) project logged sales worth EGP 1 bn, according to a company’s bourse filing on January 31.

Back in August, the state-run company had posted a 40% YoY surge in its consolidated losses for the first half of 2018, amounting to EGP 78.14 mn compared with EGP 55.7 mn in the year-ago period, Remco revealed in a previous filing.

In addition, the property developer has incurred standalone losses of EGP 82.06 mn during the six-month period ended in June 2018, up from EGP 37.81 mn in the corresponding period of 2017.