Earnings: Emaar Misr turns loss of EGP 324.3 mn in 3Q2019

EARNINGS WATCH- Emaar Misr turned net losses of EGP 324.3 mn in 2Q2019, down from a net profit of EGP 598.5 mn in 2Q2018, according to the developer’s earnings release (pdf). This came despite the company’s revenues declining by only 3.4% y-o-y to EGP 890.8 mn from EGP 922.2 mn. The real estate plater posted a profit of EGP 94.3 mn in the first six months of the year, down 91% y-o-y from EGP 1.1 bn in the comparable period.