Earnings watch: Palm Hills’ net profit up 3% despite 25% drop in revenues

EARNINGS WATCH- Palm Hills Development’s (PHD) net profit rose 3% to EGP 451.47 mn in 1H2019, from EGP 439.9 mn during the same period last year, according to the company’s earnings release (pdf). The increase in net profit came despite revenues for the period falling 25% to EGP 2.5 bn from EGP 3.3 bn.