Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) on Tuesday reported a 4.6% year-on-year increase in consolidated profits for the second quarter of 2018.

Net profit stood at EGP 271 million in the three-month period ended June, versus EGP 258.5 million in profits for Q2-17, the property developer said in a filing to the Egyptian Exchange (EGX).

In the first half of 2018, net profit rose by 11% to EGP 774.21 million, compared to EGP 696.54 million in the year-ago period.

Revenues grew by 19% to EGP 3.96 billion at the end of June, versus EGP 3.33 billion in H1-17.

Moreover, standalone profits fell 52% year-on-year to EGP 18.06 million in H1-18, versus EGP 37.55 million in the same period a year earlier.

TMG Holding previously posted a 12% year-on-year increase in consolidated profits for Q1-18, recording a net profit of EGP 340.6 million, versus EGP 305.2 million.