ArabFinance:Marseilia for Real Estate Investment (MAAL) reported a 77% Year on Year decline in its standalone net loss in the first half (H1) of 2020, according to the company’s August 10th financial statements filed to the Egyptian Exchange.
Standalone net profit stood at EGP 768,889 in H1 of 2020, compared to EGP 3,316,069 posted in H1 of 2019.
The company attributed the profit decline to the coronavirus repercussions and cut working hours.
Meanwhile, the revenues went down from EGP 245,945,800 in H1 of 2019 to EGP 170,194,718 in H1 of 2020.
Marseilia is an Egypt-based company engaged in real estate property investment, development, and management.
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