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Thursday, 12 May 2016

Earnings watch: GB Auto, EFG Hermes, IDH report 1Q2016 earnings

Among the companies to have reported earnings in the last day or so:

  • GB Auto felt the FX pinch as it reported a 70% drop in bottom-line results to EGP 14.1 mn as a lack of FX liquidity in the market limited imports and the revaluation of FX liabilities hit the bottom line. The company continues to see very strong demand for its full range of products in Egypt and successfully protected gross margins, it said in a regulatory filing.
  • EFG Hermes reported 17% rise in net income from continuing operations at its core brokerage, advisory, asset management, PE and finance arms. At the group level, a non-cash charge ahead of the sale of Crédit Libanais saw its bottom line flip to a net loss of EGP 128 mn in the first quarter.
  • Integrated Diagnostic Holdings reported a 16% rise in revenues for the first quarter in a trading update that also saw the nation’s largest medical diagnostics firm note a stable EBITDA margin and 11.5% rise in average revenue per test.

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