ARAB
Cairo – Mubasher: Porto Group Holding reported a 30.9% year-on-year increase in its consolidated profits during the first quarter of 2019.
The real estate developer’s net profits amounted to EGP 59.59 million in the three-month period ended 31 March, compared to EGP 45.52 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Tuesday.
Revenues rose to EGP 417.83 million in Q1-19 from EGP 378.1 million in the corresponding period a year earlier.
As for standalone business, the EGX-listed firm’s losses retreated to EGP 2.35 million in the January-March period of 2019, compared to EGP 3.77 million in the year-ago period.
For the full-year 2018, Porto Group Holding logged EGP 114.64 million in profits versus EGP 245.5 million a year ago, including minority shareholders’ rights.