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Qalaa Holdings trims losses by 6.5% in Q1

Qalaa Holdings trims losses by 6.5% in Q1
Net losses amounted to EGP 171.47 million
Qalaa Holdings
CCAP
-2.45% 1.41 -0.04

Cairo – Mubasher: Qalaa Holdings reported a 6.5% year-on-year decline in its losses during the first quarter of 2019, according to the company’s consolidated financial results.

Net losses amounted to EGP 171.47 million in the three-month period ended 31 March, compared to EGP 183.48 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

Year-on-year, revenues rose to EGP 3.44 billion in Q1-19 from EGP 3.036 billion.

As for standalone business, Qalaa Holdings incurred losses of EGP 67.23 million in Q1-19, compared to EGP 63.37 million in Q1-18.

For the full-year 2018, the Cairo-based firm, which has operations in a slew of industries including energy, cement, and logistics, turned into profits of EGP 929.06 million, against losses of EGP 5.71 billion in the prior year.