Cairo – Mubasher: Ghabbour Auto reported turning to losses in the second quarter of 2017 due to higher finance costs, according to a bourse filing on Wednesday.
Net losses amounted to EGP 170.5 million in the three months ended June 2017, versus profits worth EGP 123.7 million in the same period last year.
Finance costs reached EGP 356.3 million in Q2-17 from EGP 146.4 million in Q2-16.
Sales increased to EGP 4.17 billion in Q2-17 from EGP 3.92 billion in Q2-16.
In the first half of 2017, the firm turned to losses of EGP 334.4 million, compared to profits of EGP 137.8 million in H1-16.
The company achieved losses of EGP 163.7 million in the three months ended March, versus profits of EGP 14.12 million in the corresponding period of 2016.
Ghabbour Auto’s stock closed Tuesday at EGP 1.98, slipping 1.49% with a turnover of EGP 5.9 million.
