Cairo – Mubasher: Glaxo SmithKline (GSK Egypt) on Tuesday posted a 42% year-on-year decline in its consolidated profits for the first nine months of 2018.

Net profit amounted to EGP 60.16 million in the nine-month period ended September, compared to EGP 103.86 billion in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).

At the level of standalone business, profits rose to EGP 20.7 million at the end of September from EGP 16.7 billion in the corresponding period last year.

It is worth noting that GSK Egypt recorded EGP 143.21 million in profits for the full-year 2017, against losses of EGP 3.9 million in 2016.