Cairo – Mubasher: Golden Pyramids Plaza Co on Tuesday reported a 52% year-on-year decline in unconsolidated (standalone) profits for the first quarter of 2018, citing lower revenues.

Net profit decreased to $10.36 million in the three months ended March, from $21.6 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).

Moreover, revenues shrank to $30.8 million in Q1-18 from $44.7 million in the prior-year period.

Golden Pyramids Plaza previously posted a 17% drop in consolidated profits to $44.7 million for the full year ended 31 December 2017, compared to $53.9 million in 2016, taking into account minority shareholders’ interest.

In July, Golden Pyramids’ ordinary general meeting (OGM) approved the company's financial statements for the fiscal year ended 31 December 2017.