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VENTURES AFRICA – Egypt’s biggest listed vehicle assembler and distributor GB Auto, Wednesday announced a disappointing third-quarter post-tax profit of LE119.05 million ($17.28 million), a 32 percent fall in comparison with the LE176.06 million recorded the same period of last year.
“Having managed businesses through decades of challenges, there is no question in my mind that 2013 has been the toughest year the economy has ever seen,” GB Auto CEO Raouf Ghabbour said in an official statement.
He furthered: “Political and economic developments in our home market in 3Q13 combined with the imposition of a strict curfew saw consumer confidence hit its nadir. The result, of course, is that our performance in Egypt was particularly hard-hit.”