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Porto Group logs EGP 115.8m profit in 9M

Porto Group logs EGP 115.8m profit in 9M
The company generated EGP 115.8 million in profits for the January- September period
ARAB Developers Holding
ARAB
-2.04% 2.40 -0.05

Cairo – Mubasher: Porto Group Holding on Monday reported a 54% year-on-year decline in consolidated profits for the first nine months of 2018.

The company generated EGP 115.8 million in profits for the January- September period, versus EGP 251.87 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX).

Revenues slid to EGP 1.37 billion in the nine-month period ended September from EGP 1.76 billion in the year-ago period.

The real estate developer also recorded standalone losses of EGP 11.8 million for the nine-month period, versus losses of EGp 6.4 million in the same period a year earlier.

Porto Group previously posted a 70.1% year-on-year drop in consolidated profits for the first half of 2018, registering EGP 53.06 million from EGP 177.91 million.