Cairo – Mubasher: Real Estate Egyptian Consortium on Sunday reported a 71.1% year-on-year decline in profits for the first nine months of 2018.

Net profits retreated to EGP 7.4 million in the nine-month period ended September, from EGP 25.97 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX) .

Sales shrank to EGP 9.8 million in the January-September period of 2018, from EGP 14.63 million in the same period a year earlier.

Real Estate Egyptian Consortium previously posted a net profit of EGP 5.37 million in the first half of 2018, versus EGP 21.76 million in the prior-year period.

Revenues fell to EGP 6.9 million in H1-18, against EGP 13.6 million in the corresponding period of 2017.