Cairo – Mubasher: Amer Group Holding Co reported a 54% year-on-year profit decline during the first half of 2019 due to lower sales, according to the company’s consolidated financial results.

Net profits amounted to EGP 25.42 million in the six-month period ended 30 June, compared to EGP 55 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

Year-on-year, sales slid to EGP 691.7 million in the January-June period of 2019 from EGP 802 million.

At the level of standalone business, Amer Group logged a profit of EGP 65.36 million in H1-19, compared to EGP 41.14 million in H1-18.

During the first quarter of 2019, the EGX-listed firm incurred net losses of EGP 4.55 million, versus a profit of EGP 18.88 million in the corresponding period a year earlier.