Property developer Amer Group Q1 profits fall 6%

Egypt’s property developer firm, Amer Group reported Sunday a six percent fall in its first quarter consolidated profits to reach 63.95 million Egyptian pounds ($3.5 million).

Profits stood earlier at 68.07 million pounds during the first quarter in 2016.

Revenues climbed to 603.02 million pounds during the first quarter of this year, compared with 544.34 million pounds during the same period a year earlier.

Sales registered around 272 million pounds, while the real estate contracts hit 2.3 million pounds.