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'Tourism Urbanization' profits down 1Q
DOAA GHONEIM SAMAR SAMIR Published in Youm7 on 06 - 05 - 2011

CAIRO: Egyptian Tourism Urbanization Co. has ratified the initial unaudited financial lists for the first quarter of this year. The company's net profit dropped to around 1 million EGP (U.S. $182,000), compared to 2.3 million EGP (U.S. $380,000) last year – more than a 50 percent decrease.
During a meeting of the board of directors, the company agreed to give workers a special 15 percent bonus.
The meeting discussed analytical data on results of the Movenpick Hotel by the Giza pyramids in the first quarter of 2011.
The results showed that the net profit reached 760,000 EGP (U.S. $127,000). The company had expected profits to reach 5.2 million EGP (U.S. $877,000).

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