Emaar Misr first half profits rise 12.6%

Emaar Misr for Development, the Egyptian unit of UAE property conglomerate Emaar Properties, on Tuesday reported a 12.6 percent increase in its first half net profits to 1.1 billion Egyptian pounds ($61.4 million).

Earlier, profits stood at 976.9 million pounds during the first half of 2017.

Revenues fell to 1.752 billion pounds, compared with 1.758 billion pounds.

In the second quarter of this year, profits rose 11 percent to 597 million pounds from 539 million pounds in the same period last year.

The company made standalone profits worth 1.1 billion pounds at the end of last June, against 976.94 million pounds during the same period in 2017.

During the three months ended in March, profits jumped to 503.2 million pounds, versus 437.9 million pounds last year.