Tawasul
Mubasher TV
Contact Us Advertising   العربية

Qalaa Holdings turns to losses in 9M

Qalaa Holdings turns to losses in 9M
The Egyptian company suffered net losses of EGP 901.23 million
Qalaa Holdings
CCAP
0.89% 1.48 0.01

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.