Cairo – Mubasher: Ghabbour Auto (GB Auto) reported a 56% year-on-year profit drop during the first half of 2019.

Net profits plunged to EGP 113.48 million in the six-month period ended 30 June, compared to EGP 255.6 million in the year-ago period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

On the other hand, sales rose to EGP 11.5 million in H1-19 from EGP 10.8 million in H1-18.

As for the second quarter of 2019, GB Auto logged a profit of EGP 47.3 million, compared to EGP 193.5 million in the year-ago period.

At the level of standalone business, the leading automotive firm narrowed its losses to EGP 480 in H1-19 from EGP 1.23 million in H1-18.