Egyptian MHOT logs USD621k net profit in Q1 FY 2015/16
27 Oct 2015
(MENAFN) Egypt-based Misr Hotel Company (MHOT) posted USD621.3 thousand in net profit over its first three months of FY 2015/16, a healthy boost compared to last year’s USD869 thousand gross losses.
The loss was due to shutting down the Nile Ritz-Carlton hotel and the drop of performance in the Dahab Resort, which had its performance slowdown due to the latest political events that took place in South Sinai.
Moreover, the financial performance of Cairo hotels improved slower than the occupancy rate, with the average daily rate growing over Jan-Aug by 2 percent compared to last year’s same period.
However, the evaluation of the Egyptian pound would have a positive influence on the tourism division since it creates a good value for money, providing affordable services to tourists.