Cairo – Mubasher: Amer Group Holding Co on Thursday reported a 70% year-on-year drop in net profit for the first quarter of 2018 due to lower revenues.

Net profit retreated to EGP 18.8 million in the three-month period ended last March, versus EGP 63.9 million in Q1-17, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).

Revenues shrank to EGP 301.4 million in Q1-18, from EGP 603.02 million in the year-ago period.

Meanwhile, standalone profits declined to EGP 45.4 million in the January-March period of 2018 from EGP 168.7 million in the corresponding period of 2017.

The Egyptian real estate developer had previously posted a net profit of EGP 92.9 million for the full-year ended December 2017, against EGP 184.4 million in profits for 2016.

The ordinary general meeting (OGM) of Amer Group had recently approved the distribution of EGP 75.23 million in cash dividends to shareholders for 2017.