Mena Touristic Investment Narrows Net Losses To EGP 13.7 Mln; H1

Mena for Touristic and Real Estate Investment (MENA.CA) has managed to narrow its losses during the first half of 2012 to EGP 13.7 million, compared to the year earlier net loss of EGP 15.2 million.

The costs of projects have hit EGP 21 million. Gross profit has reached EGP 3.2 million during H1/2012, opposed to H1/2011 as EGP 4.4 million down.  During H1/2011, the costs of projects had reached EGP 7.6 million.

Administrative and other expenses have amounted to EGP 5.7 million during H1/2012, compared to EGP 6.1 million during H1/2011.

Current assets reached EGP 328.9 million, compared to EGP 392.7 million as EGP 63.8 million down.

Moreover, the basic losses per share hit EGP 0.18, compared to EGP 0.20 a year earlier. Worth mentioning, Mena for Touristic Investment’s issued capital amounts to EGP 150 million distributed to 75 million securities.