Cairo – Mubasher: Amer Group Holding Co on Wednesday reported a 73.2% year-on-year drop in consolidated profits for the third quarter of 2017 due to a decline in revenues.
Net profit stood at EGP 20.4 million in the three-month period ended September 2017, versus EGP 76.3 million in Q3-16, the company highlighted in a filing to the Egyptian Exchange (EGX).
Revenues retreated to EGP 602.1 million in Q3-17 from EGP 889.9 million in Q3-16.
In the first nine months of 2017, net profit amounted to EGP 83.7 million, compared to EGP 151.6 million in the prior-year period.
Standalone profits rose to EGP 162.2 million in the nine-month period ended September 2017 from EGP 1.4 million in the corresponding period of 2016.
Amer Group had previously posted profits of EGP 63.3 million in the first half of 2017, versus EGP 75.2 million in H1-16.