Egypt’s Amer Group reported a sharp fall in second quarter net profit on Thursday to 856,763 Egyptian pounds ($109,490) from 42.36 million a year earlier on higher expenses and lower revenue.
Revenue fell 10 percent to 392.29 million pounds from 436.97 million, the real estate company said in a statement.
Sales and marketing expenses rose 23 percent, and administrative costs were up 3.4 percent, it said.
At 1000 GMT the company’s shares were trading at 1.02 pounds, unchanged from Wednesday’s close.
For the first half, Amer said profits fell to 17.2 million pounds from 44.39 million.
Revenue rose by 26 percent to 850 million pounds from 674.8 million.