Earnings Watch: EKH, EgyptAir
Egypt Kuwait Holding (EKH) reports improved revenues, top line despite translating underlying results into USD from EGP: The company reported 2Q2016 attributable net income of USD 15.3 mn on revenues of USD 89.5 mn. Attributable net income rose 5.5% y-o-y despite devaluation of the EGP compared to the same period last year. Rising net income came in the absence of provision write-backs (a hallmark of its 2Q2015 results). “For the past six months, we have focused on a restructuring of our portfolio that has seen us increase stakes in high-profile assets while simultaneously de-consolidating legacy businesses. Our singular focus on our most profitable and stable investments has already begun to bear fruit,” noted EKH Chairman Moataz El-Alfi. Read EKH’s full earnings release here (pdf).
EgyptAir’s losses grew to EGP 14 bn in FY2015-16, EgyptAir Holding Company CEO Safwat Muslim tells Al Borsa. The company plans to reverse this loss this fiscal year.