Cairo - Mubasher: The consolidated financial statements of Al Ahly for Development and Investment showed a drop in profit by 64% in the first quarter of 2017, according to a bourse filing.

The company said in a statement to the Egyptian Exchange (EGX) on Sunday that profits totalled EGP 1.9 million in the first three months of the year compared to EGP 5.3 million for the same period in 2016.

Revenues increased to EGP 25.3 million in Q1-17, up from EGP 21.9 million in Q1-16, the statement noted.

On the other hand, total expenses grew 35% during the same period to EGP 22.4 million compared to EGP 16.6 million during the corresponding period in the year before.