Emaar Misr, a wholly-owned subsidiary of UAE-based Emaar Properties, reported a 91% drop year-on-year (YoY) in its profits during the first half of 2019, Invest-Gate reports.

Net profits fell to EGP 94.29 mn in the six-month period ended on June 30, compared to EGP 1.10 bn in the prior-year period, according to the developer’s consolidated financial statements on August 6.

Additionally, Emaar Misr’s sales retreated to EGP 1.45 bn in the first six months of 2019, compared to EGP 1.75 bn reported in the same period last year

In Q2 2019, the developer incurred losses of EGP 324.3 mn, against profits of 598.49 mn in the comparable period last year, the company’s bourse filing added.

In the same context, the company’s revenues declined by 3.4% YoY to stand at EGP 890.8 mn in Q2 2019, compared to EGP 922.2 mn in the year-ago period.

Earlier in July, Emaar Misr announced signing a preliminary deed of settlement with the state-owned company El Nasr Housing and Development, dropping their arbitration cases filed at the Cairo Regional Center for International Commercial Arbitration.