Cairo – Mubasher: Americana Egypt turned into losses in the second quarter of 2016 (Q2-16), according to its consolidated financial results.

The company logged EGP 2.9 losses during Q2-16 against EGP 19.4 million profits for the year-ago quarter, said the company in a bourse filing.

During the same period as well, its standalone profits declined by 6.5% year-over-year to EGP 60.6 million from EGP 64.8 million.

On a six-month basis, standalone earnings rose to EGP 74.7 million in the first half, up 12% from EGP 66.77 million registered in the year-ago period.

In the first quarter, Americana’s consolidated profits leapt 40% year-over-year to EGP63.53 million ($7.15 million) from EGP45.38 million ($5.11 million).