Cairo – Mubasher: Golden Pyramids Plaza reported a 64.5% year-on-year drop in its net profits during the first nine months of 2019, the company’s consolidated financial statements showed.

Net profits shrank to $17.44 million during the January-September period, compared to $25.6 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

In the meantime, revenues amounted to $85.88 million in the nine-month period ended 30 September, down from $101.89 million in the corresponding period a year earlier.

At the level of standalone business, the company logged a net profit of $34.9 million in the first nine months of the year, up from $21.2 million in the prior-year period.

It is noteworthy that during the first half of 2019, Golden Pyramids Plaza reported a net profit of $10.44 million, compared to $18.05 million in H1-18.