Egypt’s Qalaa Holdings says Q1 net loss narrows, posts 42.5% jump in revenues

Qalaa Holdings, one of Egypt's largest investment firms, on Thursday reported a first-quarter net loss after tax and minority interests of LE112.2 million ($14.71 million) versus a net loss of LE231.9 million in the same period last year.

The firm said it reported revenues of LE1.95 billion, a 42.5 percent increase from the same period last year.

The company said it was in the process of finalising a capital increase that will see it capitalize liabilities arising from asset purchases worth about LE1.7 billion.

It said LE1 billion had already been capitalised and reflected in the firm's "increased stakes in its core assets, with the remaining balance of LE700 million expected to close by July 2015."

"This will see paid-in capital rise to EGP 9.7 billion through the issuance of an additional 340 million shares, of which 85 million will be preferred shares and 255 million common shares." 

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