Cairo – Mubasher: The unaudited consolidated financial results of Madinet Nasr Housing and Development (MNHD) showed a 27.4% year-on-year decrease in its profit during the nine-month period ended 30 September.

The real estate developer’s net profit after taxes retreated to EGP 630.98 million in the January-September period of 2019, compared to EGP 869.07 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Monday.

Meanwhile, the company’s sales declined to EGP 1.44 billion in the first nine months of the year from EGP 2.06 billion in the corresponding period a year earlier.

As for standalone business, MNHD posted a net profit of EGP 613.28 million in the nine-month period ended 30 September from EGP 816.74 million in the prior-year period, while revenues slid to EGP 1.18 billion from EGP 1.72 billion.

It is noteworthy that during the first half of 2019, the property developer’s net profits retreated to EGP 515.686 million, compared to EGP 611.728 million in H1-18.