Cairo – Mubasher: Amer Group Holding Co on Wednesday posted a 13% year-on-year drop in consolidated profits for the first half of 2018 due to lower revenues.

Net profit narrowed to EGP 55.08 million in the six-month period ended June, versus EGP 63.3 million in H1-17, including minority shareholders’ rights, the real estate firm said in a filing to the Egyptian Exchange (EGX).

Revenues shrank to EGP 802 million at the end of June, from EGP 1.03 billion in the same period a year earlier.

Meanwhile, standalone profits retreated to EGP 41 million in the January-June period of 2018, compared to EGP 164 million in H1-17.

Amer Group Holding previously reported a 70% year-on-year drop in net profit for Q1-18 due to lower revenues, recording EGP 18.8 million from EGP 63.9 million.