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Wednesday, 10 August 2016

2Q2016 earnings roundup: Edita, PHD, Emaar Misr

** Earnings watch: ‘Tis still the season, folks. Among the companies reporting earnings yesterday:

  • Edita’s consolidated 2Q2016 net profit after minority fell 37.9% y-o-y to EGP 48.1 mn, while revenues grew 6.9% y-o-y to EGP 550.2 mn, according to the company’s earnings release (pdf). We’ll have more on Edita’s earnings after their conference call.
  • Palm Hills Development reported a 75% decline in net earnings after tax to EGP 108 mn on revenues of EGP 1.1 bn for 2Q2016. (After minority interest, the earnings figure is down 85% to EGP 64 mn.) The company’s earnings are based on a new revenue recognition policy. Skip to page 8 of their filing and go down the columns marked “R.”
  • Emaar Misr’s net income rose to c EGP 691 mn during 1H16 compared to c EGP 522 mn recorded in 1H15, according to an EGX statement.

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