Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) saw a slide of 31% in its earnings for FY16 first quarter, said the company in a bourse filing.

SODIC Q1 earnings fell to EGP 54.65 million ($6.13 million) from EGP 79.31 million ($8.9 million) registered in the first quarter of 2015, .

Further, the real estate developer’s revenues declined to EGP 139.6 million in the first quarter, 48% lower from EGP 207 million for the year-ago quarter.

SODIC’s standalone statements revealed that its Q1 earnings after tax reached EGP 30.6 million ($3.4 million) compared to EGP 49 million ($5.5 million) for Q1-15.

 According to FY15 consolidated financial results, the company earned EGP 321.3 million, compared to EGP 154.3 million a year earlier.