Cairo – Mubasher: Porto Group Holding on Tuesday reported a 70.1% year-on-year decline in consolidated profits for the first half of 2018, recording EGP 53.06 million from EGP 177.91 million.

Revenues narrowed to EGP 876.4 million in the six-month period ended June, versus EGP 1.23 billion in the year-ago period, the real estate developer said in a filing to the Egyptian Exchange (EGX).

On the other hand, standalone losses soared 151.4% to EGP 8.8 million in H1-18, from EGP 3.5 million in H1-17.

It is worth noting that Porto Group Holding logged EGP 45.5 million in consolidated profits for the first quarter of 2018, compared to EGP 78.37 million in Q1-17, including minority shareholders’ rights.