Egyptian real estate developer Porto Group Holding posts higher profits during the second quarter of 2017 due to a growth in revenues, Invest-Gate reports.

Net profits rose 538% to EGP 99.5 mn in Q2-17 from EGP 15.6 mn in Q2 of 2016, according to a bourse filing.

Revenues also increased to EGP 809.05 mn in Q2 of 2017, compared to EGP 230.8 mn in Q2-16.

In the first half of 2017, net consolidated profits after taxes reached EGP 177.9 mn from EGP 43.4 mn in H1 of 2016. Consolidated revenues jumped to EGP 1.24 bn in H1 of 2017 from EGP 422.2 mn in H1 of 2016.

The company posted standalone losses of EGP 3.5 mn in H1 of 2017, down from EGP 7.4 mn in H1 of 2016.