Cairo – Mubasher: The standalone financial statements of Arabia Investments, Development, and Financial Investment Holding Co on Thursday showed that it turned to losses during the first nine months of 2017 due to a decline in revenues.

Net loss amounted to EGP 2.3 million in the nine-month period ended September 2017, versus a net profit of EGP 10.3 million in the prior-year period, the company said in a statement to the Egyptian Exchange (EGX).

Revenues dropped to EGP 6.04 million in the nine-month period of 2017 from EGP 16.5 million in the year-ago period.

In the first half of 2017, consolidated profit stood at EGP 16.3 million, versus a consolidated loss of EGP 22.56 million in H1-16, including minority shareholders’ rights.