Cairo – Mubasher: Porto Group Holding on Monday reported a 54% year-on-year decline in consolidated profits for the first nine months of 2018.
The company generated EGP 115.8 million in profits for the January- September period, versus EGP 251.87 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX).
Revenues slid to EGP 1.37 billion in the nine-month period ended September from EGP 1.76 billion in the year-ago period.
The real estate developer also recorded standalone losses of EGP 11.8 million for the nine-month period, versus losses of EGp 6.4 million in the same period a year earlier.
Porto Group previously posted a 70.1% year-on-year drop in consolidated profits for the first half of 2018, registering EGP 53.06 million from EGP 177.91 million.
