Egypt's GB Auto sees $12m Q3 profit
Cairo, November 5, 2010
GB Auto, Egypt's biggest listed automobile assembler, was seen posting an 8.45 per cent year-on-year rise in third-quarter net profit to 69.3 million Egyptian pounds ($12 million).
A Reuters poll of three analysts also forecast Q3 revenue to rise 59 per cent year-on-year to 1.95 billion pounds, as sales continued to pick up.
The automotive sector in Egypt, the Arab world's most populous country, was hit last year by the downturn but demand has started to pick up, helped in part by a government plan to offer affordable vehicles for taxi drivers to buy.
GB Auto manufactures, assembles, imports and distributes vehicles for Hyundai Motor Company, Bajaj Auto, Mitsubishi Motors Corporation, Volvo AB and Mazda Motor. It is also looking into partnering with Chinese and Indian auto manufacturers.-Reuters