Cairo - Mubasher: The consolidated financial results of Porto Group Holding showed EGP 16.34 million net losses during the first quarter (Q1) of 2020, against a net profit of EGP 59.59 million in the year-ago period.

The group's revenues declined to EGP 206.38 million in Q1-20 from EGP 417.83 million during Q1-19.

The loss per share stood at EGP 0.02 during the January-March period of 2020, versus earnings per share (EPS) of EGP 0.01 in the corresponding period of 2019.

Meanwhile, the group's standalone losses inched up to EGP 2.38 million in Q1-20 from EGP 2.35 million in the same period of the earlier year.

Last year, the group's net profits decreased by 12% to EGP 116.88 million from EGP 133.58 million in 2018.