Orascom Hotels and Development’s consolidated financial statements for the first quarter of fiscal year 2017 showed a turn to profitability, as opposed to the same period of FY16.
Consolidated net profit for Q1-17 reached EGP 76 million, against losses worth EGP 118 million for Q1-16, according to a bourse filing released on Tuesday.
Revenues jumped in Q1-17 by 74% to EGP 493.86 million, versus EGP 284.063 million for Q1-16.
Operating profits reached EGP 69.4 million in Q1-17, against an operating loss of EGP 600,000 in Q1-16.
Hotels revenues increased in Q1-17 to EGP 201 million from EGP 85.6 million for Q1-16.
Real estate revenues grew in Q1-17 by 33% to EGP 126.4 million from EGP 95.1 million for Q1-16.
Meanwhile, standalone financial statements showed a net loss of EGP 42.6 million for Q1-17.