Egypt’s GB Auto said its second-quarter net income fell 35% year on year to 50.5m Egyptian pounds (US$8.5m). Egypt’s biggest listed automobile assembler said net income was 77.7m pounds in Q2 2010.

Revenue in the second quarter rose 6.8% year on year to 1.86bn pounds, Reuters reported.

Investment bank Beltone Financial had estimated that GB Auto’s Q2 net income would reach 40mi pounds on revenue of 1.7bn pounds.