Cairo – Mubasher: Emaar Misr for Development, an Egyptian unit of the UAE-based leading real estate firm Emaar Properties, has reported a 16.8% year-on-year decline in its consolidated profits for the first quarter of 2019.
The property developer has logged a profit of EGP 418.6 million in the three-month period ended last March, versus EGP 503.2 million in Q1-18, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Sunday.
Revenue dropped to EGP 566.6 million in Q1-19 from EGP 830.7 million in the prior-year quarter, Emaar Misr said.
At the level of standalone business, the company achieved profits of EGP 418.6 million in the first three months of the year, versus EGP 503.2 million in Q1-18.
Emaar Misr previously posted a net consolidated profit of EGP 3.4 billion for the full-year ended 31 December 2018, versus EGP 2.3 billion in 2017.
In 2018, the Egyptian unit had also generated revenue of EGP 6.3 billion, versus EGP 4.5 million a year ago.
