Amer Group total assets record US$1.08 bln in three months

Egyptian real estate company Amer Group said Monday its total assets reached 8,5 billion Egyptian pounds (US$1,08 billion) by the end of first quarter this year.

The company also said the non-current assets recorded 2,5 billion pounds; while the current asset stood at 6,07 billion pounds.

The value of projects under construction has totalled around 303,3 million pounds by the end of March this year, the company added. Amer Group’s real estate assets hit 288,2 million pounds approximately.

Furthermore, the consolidated business results have also revealed a surge in Amer Group’s Q1 revenues to 457,8 million pounds at March-end, compared to 237,7  million pounds during the same period a year earlier.

Amer Group’s net profit climbed 707 percent to 16,358 million pounds during the first three months of 2015 versus 2,026 million pounds during the same period last year.

On the other hand, Amer Group’s standalone financial statements showed a net loss worth 5,192 million pounds during January-March this year, opposed to 5,830 million pounds last year.