Orient Tours To Finish Alex Bank’s EGP 120 mln Loan in 2014

Orient Tours, affiliated to Remco Tourism Villages Construction, claims that in Q1 of 2012 it will have paid its EGP 120 million loan due to Alexandria Bank.

Oncy Youssef, investors’ relations manager, said the loan was to pay the EGP 7 million debts due to Banque Misr, and also to finance constructing all premises of phase 2 of Stella Di Mare Hotel in Hurghada. The company paid the first installment in July, 2011.

On the other context, it was expected that 582 units will be delivered at the end of 2012 to those who reserved in Stella al Khatatba farms project; which its total units are 685 ones.

The company’s financial statements in Q1 of 2012 achieved EGP 5.007 million net loses, decreased by 83.5%, comparing to EGP 30.404 million in 2011.

The company’s unconsolidated financial statements in Q1 of 2012 have been announced recently, and showed that the net losses reached EGP 9.556 million; comparing to EGP 15.183 million in Q1 of 2011, 37.1% slump.