Cairo - Mubasher: El Shams Pyramids for Hotels and Touristic Projects reported an increase in losses by 12% in 2016, due to foreign exchange losses.

Annual losses totalled $4.7 million last year compared to $4.2 million in 2015, according to the company’s statement to the Egyptian Exchange (EGX) on Tuesday.

Revenues increased by 292% in 2016 to $2.4 million up from $635,500 in the year before.

In a separate bourse filing, El Shams Pyramids reported that foreign exchange losses reached $4.2 million.