Cairo – Mubasher: Egyptian Satellites Co (NileSat) reported a 12.2% year-on-year profit retreat during the first half of 2019.

NileSat’s profit fell to $23.81 million in the six-month period ended 30 June, compared to $27.12 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, revenues slid to $65.86 million in H1-19 from $73.39 million in H1-18.

During the first quarter of 2019, NileSat logged a profit of $11.38 million, compared to $13.07 million in Q1-18.

Revenues went down to $32.86 million in the three-month period ended 31 March from $36.40 million in the year-ago period.