Cairo – Mubasher: Ghabbour Auto (GB Auto) posted a 67% year-on-year profit decrease during the first nine months of 2019, the company’s consolidated financial statements showed.

Net profits tumbled to EGP 174.07 million in the January-September period, compared to EGP 521.3 million in the same period a year earlier, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, sales declined to EGP 18.3 billion in the nine-month period ended 30 September from EGP 18.59 billion in the same period a year earlier.

At the level of standalone business, the company incurred net losses of EGP 535 in the first nine months of the year, compared to EGP 1.23 million in the year-ago period.

As for the third quarter of 2019, GB Auto logged a consolidated net profit of EGP 60.5 million, compared to EGP 265.7 million in Q3-18.

It is noteworthy that during the first half of 2019, the company’s net profit retreated to EGP 113.48 million, compared to EGP 255.5 million, including minority shareholders’ rights.