ERC posts better results in 3Q16 on land revenue recognition
Egyptian Resorts Company (ERC) released its financial results for 3Q16. Revenue came in at EGP49.5mn (3Q15: EGP16.7mn, 2Q16: EGP5.9mn), of which EGP29.1mn came from the recognition of revenue from previous land sales. Revenue from services was EGP16.7mn (+11% Y-o-Y, +61% Q-o-Q). Gross profit was EGP13.0mn (3Q15: EGP11.7mn and 2Q16: EGP17.9mn, both in the red). Net income was EGP7.9mn (3Q15: EGP12.0mn, 2Q16: EGP35.1mn, both in the red). 9M16 revenue totaled EGP65.8mn (-79% Y-o-Y); gross loss: EGP15.1mn (9M15: EGP197.3mn) and net loss: EGP21.9mn (9M15: EGP165mn in net income). (Company disclosure, Sara Boutros, Mai Attia)
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