Cairo – Mubasher: Arabian Food Industries (Domty) reported lower consolidated and standalone profits during the second quarter of 2016 and the first half as well, according to two bourse statements.

Domty’s consolidated results revealed that Q2 net profits declined 47.6% year-over-year to EGP 20.7 million ($2.3 million) from EGP 39.5 million ($4.5 million).

Over the first six months, the company earned EGP 44.9 ($5.1 million), down 27.7% from EGP 62 million ($7 million) for the year-ago period.

On the level of standalone profits, Egypt’s dairy product producer also saw a slide of 49% for the second quarter and the first half of 2016.  

Q2 profits reached EGP 19.78 million, compared with EGP 38.7 million for the prior-year quarter.

H1 profits slid 28.7% year-over-year to EGP 43.1 million from EGP 60.46 million.

In the first quarter, consolidated profits rose 7.1% year-over-year to EGP 24.15 million ($2.7 million) from EGP 22.55 million ($2.5 million), while the standalone gains reached EGP 23.3 million in, up 7% from EGP 21.7 million for the year-ago quarter.