Cairo – Mubasher: Palm Hills Development Co on Thursday reported a 50% year-on-year drop in consolidated profits for the third quarter of 2017 due to higher expenses.
Net profit amounted to EGP 117.6 million in the three-month ended September, versus EGP 234.9 million in the prior-year period, the firm highlighted in a filing to the Egyptian Exchange (EGX).
Sales rose to EGP 1.52 billion in Q3-17 from EGP 1.48 billion in Q3-16.
Expenses increased to EGP 389.9 million in Q3-17, compared to EGP 200.8 million in the corresponding period of 2016.
In the first nine months of 2017, consolidated profits grew to EGP 466.9 million from EGP 404.3 million in the year-ago period.
Standalone profits declined to EGP 155.19 million in the period from January to September 2017, versus EGP 234.9 million in the same period last year.
Palm Hills achieved profits of EGP 137.03 million in the second quarter of 2017, compared to EGP 63.9 million in Q2-16, including minority shareholders' rights
