Egypt’s Amer Group profits down 60% in Q1, reports $802mn

Big 5

Egypt leading real estate developer Amer Group Holding (AMER.CA) posted a decline of 60% in net profits for the first quarter of 2016, as it reached 7.14 million Egyptian Pounds ($802,000).

The company reported net profits of 17.9 million pounds for the comparable period of the previous year.

As for the first half of 2016, the company’s profits increased by 27.5% to reach 86.6 million pounds ($9.7 million) against 67.9 million pounds for the similar period of the preceding year.

The company’s consolidated profits reached 68 million pounds during Q1, up 36%