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GB Auto posts Q1 profit despite sales slump
- Egypt: Thursday, May 14 - 2009 at 10:35
Net income at Egypt's GB Auto slumped 91.5% for Q1 2009, falling to LE7.2m, with sales dropping 41.8% to LE642m. GB Auto's gross profit margin was LE85.2m, a decline of 3.8% year-on-year. CEO Dr. Raouf Ghabbour, said: "We have refrained from pushing new units into an already over-stocked market, given incentives and support to our distribution network, and worked diligently to reduce costs throughout our operations.'
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StaffThursday, May 14 - 2009 at 10:35 UAE local time (GMT+4)
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