Porto Group net profit ebbs to $3m in Q1/2016

Egypt’s leading real estate firm Porto Group posted 2016 first quarter net profit of 28 million Egyptian pounds (US$ 3 million)  compared to of 37,258 million Egyptian pounds taking into consideration the minority rights according the recently published financial results.

These results are compared to net profit of 37,258 million Egyptian pounds during its inception period from August 2015 till December 2015.

In addition, Porto Group has achieved total contractual sales of 446 million Egyptian pounds which translated into 5,426 sold units during Q1 of 2016.

On the other hand, the company’s revenues reached 191 million Egyptian pounds in Q 1 2016. It has succeeded in delivering 82 villas mainly in Porto October.

Moreover, Porto Group posted standalone net losses of 5 million Egyptian pounds during the first quarter of 2016 against posting net profits of 96 million Egyptian pounds in the same period a year ago.