Cairo – Mubasher: The consolidated financial statements of Qalaa Holdings showed a turn to losses during the first nine months of 2019.

The Egyptian company suffered net losses of EGP 901.23 million in the nine-month period ended 30 September, against net profits of EGP 106.44 million in the corresponding period of 2018, including minority shareholders’ rights, according to a bourse disclosure on Thursday. 

As for standalone business, the company’s losses widened by 183% to EGP 219.9 million in the January-September period, compared to EGP 77.64 million in the prior-year period.

In the meantime, revenues retreated to EGP 74.54 million in the first nine months of the year from EGP 79.59 million a year earlier.

During the third quarter of 2019, Qalaa Holdings incurred standalone net losses of EGP 68.7 million, compared to EGP 75.29 million in Q3-18.

It is noteworthy that during the first half of 2019, the EGX-listed firm’s standalone losses widened to EGP 151.2 million in H1-19 from EGP 2.3 million in H1-18.