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FINANCIAL NEWS
HOTAC’s Egypt net profit to decline by 30 percent
08 Feb 2016
(MENAFN) According to Chairwoman of the Holding Co. for Tourism, Hotels, and Cinema (HOTAC) predicted that incomes of the financial year 2015/2016 will decline by 30 percent.
Additionally, HOTAC’s budget targeted reaching revenues of USD 48.51mn compared to profits of USD 7.76mn in fiscal year 2014/2015.
Moreover, profits of the company over the first half of 2015/2016 was USD 16.55mn across aids from the private sector and operational profits from tourism activity.
Tourism income decreased to USD 6.1bn in 2015, because of the severe decline of tourism during the last quarter of 2015; while Russian tourism represents 35 percent of whole annual inbound.
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