Nilesat profits down

Cairo-based satellite operator Nilesat has seen profits squeezed over the first six months of this year.

For the period January 1st – June 30th, its net profit was $36.7 million, down 30.7 per cent on the same period last year which saw net profits of $40.05 million.

The company said in a statement to the Egyptian Exchange (EGX) on Sunday that profits reached $16.34 million in the three-month period that ended on June 30th 2017, compared to $23.59 million in Q2/2016. Revenues also retreated to $38 million from $43 million, the statement noted.

This is the second year where first-half net profits have fallen. The net profit for the first six month of 2015 stood at $47.98 million.

At the end of last year it reported net profit for the trading year of $73.2 million, against $91.53 million for 2015.

Nilesat’s share price fell back 2.32 per cent on trading August 13th.

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