Cairo – Mubasher: Arab Moltaqa Investments' unconsolidated net profit for the second quarter of 2016 plummeted 99% year-on-year to EGP 656,820 ($73,810) from EGP 58.32 million ($6.55 million), a bourse statement showed.

Over the first half of 2016, the company earned EGP 27.36 million ($3.07 million), down 63% year-over-year from EGP 74.45 million ($8.37 million), according to the company's standalone results.

The statement clarified lower H1 profits were driven by a 73% decrease in operating profits that stood at EGP 22.9 million, compared with EGP 84.7 million for the year-ago period.