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Sunday, 14 August 2016

Earnings watch

** Earnings watch: Among those reporting earnings this quarter, with just two days left to go in the official reporting season for 2Q:

  • EFG Hermes reported a 2Q2016 net profit from continuing operations of EGP 48 mn, with operating revenues up 10% y-o-y at EGP 288 mn. The company’s consolidated results for the quarter, which showed a net loss of EGP 67.55 mn, do not reflect the EGP 525 mn gain from the sale of 44.3% of Crédit Libanais, with this amount being booked only on the company’s standalone financial statements. The company’s consolidated results do reflect the impact of one-time tax charge in Egypt related to the sale.
  • Telecom Egypt reported a 175% y-o-y increase in net profit to EGP 1.04 bn in 2Q2016. This brings up the net profit figure for 1H2016 to EGP 2.32 bn.
  • Orascom Telecom reported a sharp decrease in 1Q16 net profit to EGP 48.7 mn, down from EGP 373.9 mn in the same period last year.

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