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GB Auto’s Q1 net profit up 5.8%

May 10, 2014 11:06 am

Egyptian auto distributor GB Auto has reported a 5.8% increase in net income in the first quarter to EGP71.5m ($10.17m) from EGP67.58m a year earlier, Reuters has reported. Revenues jumped 28.1% to EGP2.6bn, the firm said. “Strong growth in key lines of business minimised the impact on our bottom line of a ban in Egypt on new imports of motorcycles and three-wheelers,” GB Auto CEO, Raouf Ghabbour, said.