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Amer Group profit falls 15% in 9M

Amer Group profit falls 15% in 9M
Net profit declined to EGP 70.8 million in the nine-month period ended September
Amer Group
AMER
-2.06% 1.00 -0.02

Cairo – Mubasher: Amer Group Holding Co on Tuesday posted a 15% year-on-year drop in consolidated profits for the first nine months of 2018.

Net profit declined to EGP 70.8 million in the nine-month period ended September, versus EGP 83.7 million in the year-ago period, the real estate firm said in a filing to the Egyptian Exchange (EGX).

Revenues shrank to EGP 1.31 billion at the end of September, from EGP 1.63 billion in the same period a year earlier.

Meanwhile, standalone profits fell to EGP 31.07 million in the January-September period of the current year, versus EGP 162.22 million in the prior-year period.

Amer Group previously reported a 13% year-on-year decrease 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.