EARNINGS WATCH- Qalaa Holdings reported a net loss after minority interest of EGP 2.8 bn in 2Q2017, compared to a loss of EGP 277.5 mn in 2Q2016. While net revenues grew 25% y-o-y in 2Q2017 to EGP 2.3 bn, the decision to fully impair Africa Railways’ assets in Kenya “took a heavy toll on [Qalaa Holdings’] for the quarter nearing EGP 2.7 bn,” the company said in its earnings release (pdf). Nonetheless, management says an upswing in the Egyptian economy leaves the company confident of its ability to capture “the new favorable economic framework,” said Chairman and Founder Ahmed Heikal. “With our investment portfolio increasingly optimized for today’s economic realities, and with Egyptian Refining Company now 95% complete, we are reaching a watershed moment in our transformation into a lean and profitable company that maximizes value for shareholders,” said Co-Founder and Managing Director Hisham El-Khazindar.