Amer Group H1 net profit slides 61%

Egyptian property developer, Amer Group (AMER.CA) announced Wednesday its first half consolidated profit fell 61 percent.

It posted a net profit worth 17,2 million Egyptian pounds (US$2,2 million) versus 44,4 million for the same period last year.

Meanwhile, Amer Group’s standalone net loss reached 152,7 thousand pounds, opposed to a net profit of 286,7 million pounds a year earlier.

Amer Group has achieved net profit of 16,358 million pounds during the first quarter of 2015, compared to 2,026 million pounds during the same period last year with an increase of 707 percent.