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Q2 profit at Egypt's Ghabbour Auto falls 72%
- Egypt: Thursday, August 06 - 2009 at 10:41
Egypt's Ghabbour Auto, the biggest independent automotive assembler and distributor in the Middle East, saw a 72% drop in second quarter profits, following lower car sales. Net income fell to EGP40.3m ($7.3m) from EGP143.4m last year. Revenue was down 29% to EGP1.1bn, including a 38% drop in sales of passenger cars to EGP714.6m. The company said it was expecting a stronger second half of the year, with slightly improved margins.
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