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EFG-Hermes swings to full-year loss

: Saturday, March 29 - 2014 @ 11:21

Egyptian investment bank, EFG-Hermes has reported a net loss in 2013, hit by one-off charges including a writedown in the value of certain investments, Reuters has reported. The bank said it made a net loss of EGP335m ($48m), compared with a profit of EGP211m in 2012. Excluding the charges, normalised net profit doubled from 2012, it said. The one-off charges totalled EGP761m, including EGP616 the fourth quarter alone, EFG-Hermes said.

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Saturday, March 29- 2014 @ 11:21 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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