EARNINGS WATCH- The Egyptian Resorts Company reported consolidated net profit of EGP 10.2 mn in FY 2016 compared with EGP 217.5 mn in 2015, according to its earnings release (pdf). Net revenues in 2016 were EGP 208 mn, down from EGP 400.4 mn in FY 2015. The company continues to “control the supply of land [to the market] with the aim of maximizing the future value of the ERC’s land bank as well as that of its development partners and investors.”

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