Cairo – Mubasher: Egypt’s leading vehicle assembler GB Auto said profits for FY16 first quarter fell 70% year-over-year to EGP14.1 million ($1.6 million) from EGP47.1 million ($5.3 million), according to its consolidated financial results.
The ongoing FX shortage, which has diffused since the second half of 2015, significantly led to lower inventory levels, said Raouf Ghabbour, CEO, adding the financial stance is, however, getting improved while the Egyptian pound is devalued against U.S dollar.
By 10:25am Cairo time, the stock quote was 0.82% lower to EGP2.43 on Wednesday.
In the fourth quarter of 2015, the company’s net profits declined to EGP28.1 million from EGP32.1 million for the year-ago quarter.
