Tag "3"

Egypt's GB Auto 2nd-qtr profit falls on soft markets, currency

Egyptian auto distributor GB Auto’s second-quarter net profit before minority interests dropped 65 percent from the same period last year due to a shortage of foreign currency and a particularly soft market in Iraq, the company said on Monday. Second-quarter net profit before minority interests was 22.4 million Egyptian pounds ($2.86 million) from 63.6 million in the same quarter last year. The foreign currency shortage in Egypt depleted inventory of