Egypt's political, economic crisis 'nearly wiped out' GB Auto profits

Egypt: Egypt’s largest-listed vehicle assembler and distributor GB Auto has said its second quarter net income was nearly wiped out by the pound’s decline and warned about the impact on full year results of political and economic turmoil, Reuters has reported. The country’s sole dealer of Hyundai and Mazda passenger cars said net income tumbled by nearly 73% to EGP16.1m, while sales revenue shrank by 0.5% to EGP2.17bn, compared with the second quarter of 2012. “I believe we have absorbed 90% of the impact of devaluation to-date of the Egyptian pound on our business, and we have taken almost all of this blow in the second quarter,” chief executive Raouf Ghabbour said. []

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