Cairo - Mubasher: The financial statements of Arab Real Estate Investment Company (ALICO) showed a rise in losses in the fourth quarter of last year, according to a bourse filing.

Net losses totalled EGP 2.77 million in Q4-16 compared to EGP 2.49 million in Q4-15, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

As for the annual results, the company profits grew 2% in 2016 to EGP 3.9 million up from EGP 3.82 million in 2016.

Independent profits declined by 9.03% to EGP 3.62 million last year compared to EGP 3.98 million in the year before.