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Egyptian Resorts posts full-year loss of $1.2 mln

By Reuters CAIRO: Real estate company Egyptian Resorts posted a narrower full-year loss, helped by new revenue from its Sawari project on the Red Sea. Egyptian Resorts said on Sunday it made a 2011 net loss of LE 7.4 million ($1.2 million), compared with a LE 9.1 million loss in 2010. Revenue nearly doubled to LE …


Egyptian Resorts shrinks Q3 net loss

CAIRO: Real estate firm Egyptian Resorts narrowed its losses in the third quarter of 2011 as revenue grew from its utilities business, the firm said on Tuesday. Egyptian Resorts, which makes most of its money selling land to developers, reported a quarterly net loss of LE 3.4 million ($568,419), down from a LE 6.7 million …


ERC sees occupancy rates creeping up

By Reem Abdellatif CAIRO: Egyptian Resorts Company (ERC), a developer of mega communities, is seeing occupancy slowly return after the January 25 Revolution, with a 40-50 percent capacity. “The first couple of weeks after the events of the revolution, we saw capacity drop as low as 1-5 percent, so what we are seeing now is definitely …


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