Cairo – Mubasher: Amer Group Holding Co announced succumbing to losses during the first quarter of 2019.

The Egyptian real estate firm reported consolidated losses of EGP 4.55 million in Q1-19, versus EGP 18.88 million in net profits in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, consolidated revenues grew to EGP 383.58 million in the January-March period of this year, compared to EGP 301.42 million in the corresponding period a year earlier.

However, costs of revenues climbed to EGP 241.02 million in Q1-19 from EGP 163.75 million in the prior-year period.

As for standalone business, Amer Group logged a profit of EGP 72.4 million in Q1-19, compared to EGP 45.45 million in Q1-18.

In 2018, the group’s profits dropped by 19.6% to EGP 74.7 million, compared to EGP 92.9 million in 2017, including minority shareholders’ equity.