Cairo – Mubasher: Egypt Gas turned a profit in the first quarter of 2016 backed by an increase in its revenues by 22.8%, the company said in a bourse filing.

The gas company registered a net profit of EGP 13.99 million ($1.6 million) in Q1-16 against a net loss of EGP 17.3 million ($1.9 million) in the year-ago quarter.

Its revenues reached EGP 312.9 million in Q1, up 22.8% from EGP 254.8 million for Q1-15.

In 2015, the company achieved a net profit of EGP 4.17 million compared with EGP 3.4 million for 2014.