Cairo – Mubasher: The consolidated net profits of Palm Hills Developments (PHD) fell by 38.7% year-on-year (YoY) to EGP 276.585 million in the first half (H1) of 2020 from EGP 451.47 million, including minority shareholders’ rights.

The company’s revenues slumped to EGP 2.008 billion in the January-June period from EGP 2.51 billion in the prior-year period, according to a bourse filing on Tuesday.

As for standalone business, PHD logged EGP 227.2 million in net profits in H1-20, down from EGP 291.05 million in H1-19.

During the first three months of 2020, the company’s net profits declined to EGP 84.59 million from EGP 154.97 million in the same period in 2019, including minority shareholders’ rights.