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Pioneer Holding Q2 profits plunge 61%

Pioneer Holding Q2 profits plunge 61%
Pioneers Holding posted a 61.4% Y-o-Y drop in consolidated profits for Q2-17
Aspire Capital
ASPI
-1.84% 0.37 -0.01

Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Wednesday posted a 61.4% year-on-year drop in consolidated profits for the second quarter of 2017 due to an increase in its revenues.

The firm achieved profits of EGP 135.23 million in the three months ended June 2017, compared to profits of EGP 350.17 million in the corresponding period of 2016, according to a statement to the Egyptian Exchange (EGX).

In the first half of 2017, consolidated profits retreated 35.5% to EGP 454.1 million, versus EGP 704.6 million in H1-16, including shareholders’ minor rights.

Standalone profits increased to EGP 106.2 million in H1-17 from EGP 71.07 million in H1-16.