Cairo – Mubasher: Palm Hills Development Co. reported a slight profit rise year-on-year during the first half of 2019 despite lower revenues.

The Cairo-based leading property developer’s profit increased to EGP 451.47 million in the six-month period ended 30 June, compared to EGP 439.9 million in the corresponding period a year earlier, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Revenues slid to EGP 2.5 billion in the January-June period of 2019 from EGP 3.3 billion in the year-ago period.

Meanwhile, cost of activities plunged to EGP 1.4 billion in H1-19, compared to EGP 2 billion in H1-18.

At the level of standalone business, the company reported a profit of EGP 291 million in the six-month period ended 30 June, compared to EGP 78.28 million in the same period a year earlier.

As for the second quarter of 2019, Palm Hills Development Co’s profit grew to EGP 310.3 million from EGP 215.7 million in Q2-18.

It is noteworthy that during Q1-19, the real estate developer logged a net profit of EGP 141.161 million, down from EGP 224.151 million in Q1-18.