Talaat Moustafa Group H1 Net Profits Fall 11.4%

Talaat Moustafa Group – TMG (TMGH.CA) reported a 11.4% fall-off in first half net profits to reach EGP 328.801 million. Noting that, the company posted net profits of EGP 371.187 million within  H1/2011.

TMG’s revenues of H1/2012 retreated by 6.2% to hit EGP 2.391 billion, compared to EGP 2.549 billion during H1/2011.

The company’s gross profits, after excluding costs, declined by 1% to reach EGP 684.979 million, compared to a year earlier of EGP 691.614 million.

Furthermore, TMG’s working capital rose by 0.60% to amount to EGP 11.827 billion, compared to EGP 11.757 billion. Reserves hiked 0.04% to hit EGP 278.494 million, compared to EGP 278.381 a year earlier.