Egyptian Real Estate Group H1 Profits 37.5% Up

Egyptian Real Estate Group (AREHA.CA) has reported net profits of EGP 2.924 million during the first half of 2012, recording an increase of 37.5%. A year earlier, the company had posted net profits of EGP 2.127 million.

The net sales dipped to EGP 1.782 by H1/2012, compared to EGP 2.413 million during H1/2011.

Additionally, the gross profits, after excluding the cost of sales, fell to EGP 1.195 million by H1/2012, compared to EGP 1.395 million in H1/2011.

Operating losses, after excluding the total expenses,  for H1/2012 rose to reach EGP 799.238 thousand, compared to EGP 314.062 thousand in H1/2011.

The return of the financial investments made by the company have contributed to posting H1/2012 profits as it reached EGP 3.797 million by H1/2012, compared to EGP 2.869 million during H1/2011.