Cairo – Mubasher: Qalaa Holdings announced turning to losses during the first half of 2019, the company’s consolidated financial statements showed.   

The Egyptian firm incurred net losses of EGP 449.6 million during the six-month period ended 30 June, versus net profits of EGP 73.4 million in the year-ago period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, revenues rose to EGP 6.9 billion in the January-June period of 2019, compared to EGP 6.2 billion in the same period of 2018.

As for the second quarter of 2019, Qalaa Holdings suffered net losses of EGP 278 million, against profits of EGP 256.8 million in Q2-18.

At the level of H1-19 standalone financials, the EGX-listed firm’s losses widened to EGP 151.2 million in H1-19 from EGP 2.3 million in H1-18.

It is noteworthy that during the first quarter of 2019, Qalaa Holdings reported net losses of EGP 171.47 million, compared to EGP 183.48 million in Q1-18, including minority shareholders’ rights.