Golden Pyramids Plaza profit drops 52% in Q1

Cairo – Mubasher: Golden Pyramids Plaza Co on Tuesday reported a 52% year-on-year decline in unconsolidated (standalone) profits for the first quarter of 2018, citing lower revenues.

Net profit decreased to $10.36 million in the three months ended March, from $21.6 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).

Moreover, revenues shrank to $30.8 million in Q1-18 from $44.7 million in the prior-year period.

Golden Pyramids Plaza previously posted a 17% drop in consolidated profits to $44.7 million for the full year ended 31 December 2017, compared to $53.9 million in 2016, taking into account minority shareholders’ interest.

In July, Golden Pyramids’ ordinary general meeting (OGM) approved the company's financial statements for the fiscal year ended 31 December 2017.

Mubasher Contribution Time: 28-Aug-2018 10:03 (GMT)
Mubasher Last Update Time: 17-Sep-2018 12:33 (GMT)