Egypt’s Emaar Misr for Development has reported a 16.8% YoY decline in its consolidated net profits during the first three months of 2019, dropping by EGP 84.6 mn compared to the year-ago period, Invest-Gate reports

Consolidated net profits were slashed to EGP 418.6 mn in Q1 2019, compared to EGP 503.2 mn in the same period last year, according to the company’s financial statements on May 5.

The company’s revenues fell to EGP 566.6 mn in Q1 2019 from EGP 830.7 mn in the prior-year period.

Additionally, Emaar posted standalone net profits of EGP 418.6 mn in Q1 2019 versus EGP 503.3 mn a year earlier.

Earlier in February, the company has denied news regarding negotiations with Madinet Nasr Housing and Development (MNHD) over an acquisition. The announcement came after some newspapers published that Emaar was intending to acquire the latter company.