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Egyptian Resorts posts EGP5.5m loss

Egyptian Resorts has reported a loss of EGP5.5m in the first three months of the year, compared with a profit of EGP1.3m in the same period of 2011, Reuters has reported. The real estate sector has been hit by the political and economic turmoil that followed the overthrow of president Hosni Mubarak in 2011. Egyptian Resorts has not sold any land to developers since the third quarter of 2008.