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NileSat’s profit falls to $35m in 9M unaudited financials

NileSat’s profit falls to $35m in 9M unaudited financials
Revenues fell to $98.4 million during the January-September period
Nilesat
EGSA
-4.51% 5.08 -0.24

Cairo – Mubasher: The unaudited financial results of Egyptian Satellites Co (NileSat) reported a 15.6% year-on-year profit decline during the first nine months of 2019, pressured by lower sales.

Net profits retreated to $35.04 million in the nine-month period ended 30 September, compared to $41.5 million in the corresponding period a year earlier, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, the company’s revenues fell to $98.4 million during the January-September period of 2019, compared to $109.3 million in the prior-year period.

It is noteworthy that during the first half of 2019, NileSat posted a net profit of $23.81 million, compared to $27.12 million in H1-18.