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