Egypt: Americana Egypt posts 47% drop in Half-year profits

Cairo, Egypt (Capital Markets in Africa) — Egyptian Co. for International Tourism Projects (Americana Group-Egypt) reported a 47% drop in its consolidated earnings for the six-month period ended 30 June 2015.

The earnings reached EGP 65 million ($8.3 million), compared with EGP 122.8 million ($15.7 million) in the year-ago period.

H1 sales amounted to EGP 1.24 billion, compared with EGP 1.03 billion in the year-ago period.

The standalone net earnings reached EGP 66.71 million, compared with EGP 130.46 million a year earlier.

The company operates with EGP 291.6 million in capital, divided into 58.3 million shares at a par value of EGP 5 each.