Cairo – Mubasher: Amer Group Holding turned to losses in the second quarter of 2017 due to higher cost of revenue, according to a bourse filing on Wednesday.
The company’s losses amounted to EGP 632,500 in the three months ended June 2017, versus profits of EGP 7.12 million in the same period last year.
The cost of revenue reached EGP 334.6 million in Q2-17 from EGP 289.6 million in Q2-16.
Revenues rose to EGP 431.3 million in Q2-17 from EGP 414.1 million in Q2-16.
In the first half of 2017, net profit declined to EGP 63.3 million, versus EGP 75.2 million in H1-16.
Standalone profits sky-rocketed 3,445% to EGP 164.18 million in H1-17, compared to EGP 4.6 million in H1-16.
The firm achieved profits of EGP 63.95 million in the three months ended March 2017, down from EGP 68.07 million in the same period last year.
By 11:00 am Cairo time, Amer Group’s stock went up 3.13% to EGP 0.33, with a turnover of EGP 6.1 million.
