Egypt’s GB Auto Boosted By Record Sales Revenues

Egyptian vehicle assembler and distributor GB Auto said on Thursday that its first quarter net income surged 160.1 percent, boosted by record sales revenue.

“Our growth this quarter reflects strong showings from regional operations in Iraq and the motorcycles and three-wheelers, tyres and financing businesses in Egypt,” chief executive Raouf Ghabbour said in statement accompanying the results.Net income rose to 47.3 million Egyptian pounds ($6.8 million) from 18.2 million pounds in the first quarter of 2012, while sales revenue climbed to 2.08 billion pounds from 1.71 billion pounds.($1 = 6.9760 Egyptian pounds)