Cairo – Mubasher: Cairo Development and Investment turned into profits during the second quarter of 2016 and registered lower profits on a six-month basis, according to a bourse filing.
Q1 consolidated net profits reached EGP 143,750 ($16,000) against a net loss of EGP 2.22 million ($249,000) for the year-ago quarter.
H1 consolidated profits fell 90.8% year-over-year to EGP 215,860 from EGP 2.35 million.
The company’s standalone profits reached EGP 1.16 million ($130,000) in Q2 versus EGP 519,200 losses in the prior-year quarter.
On a six-month basis, the company registered EGP 3.16 million standalone profits, down 50% year-over-year from EGP 6.32 million.
In the first quarter, its consolidated net profits slipped 92.5% to EGP 408,000.
