GB Auto S.A.E. reported consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported total sales revenues of EGP 4,177.4 million against EGP 3,928.8 million for the same period a year ago. Operating profit was EGP 204.6 million against EGP 331.1 million for the same period a year ago. EBIT was EGP 164.6 million against EGP 311.1 million for the same period a year ago. Loss before tax was EGP 191.8 million against earnings before tax of EGP 164.5 million for the same period a year ago. Net loss was EGP 150.9 million against EGP 124.4 million for the same period a year ago. Bottom-line profitability was muted by high interest expenses following the Central Bank of Egypt's successive rate hikes since the float of the Egyptian Pound. The group's net debt stood at EGP 8.8 billion, a decrease of EGP c.660 million compared to the first quarter of 2017. For the six months, the company reported total sales revenues of EGP 7,140.7 million against EGP 6,853.4 million for the same period a year ago. Operating profit was EGP 425.9 million against EGP 567.6 million for the same period a year ago. EBIT was EGP 369.3 million against EGP 536.2 million for the same period a year ago. Loss before tax was EGP 369.3 million against earnings before tax of EGP 206.9 million for the same period a year ago. Net loss was EGP 305.5 million against EGP 152.9 million for the same period a year ago. Cash flow used in operating activities was EGP 483.0 million against EGP 824.9 million for the same period a year ago. Purchase of property, plant and projects under constructions was EGP 138.0 million against EGP 125.8 million for the same period a year ago. Purchase of intangible assets was EGP 1.0 million against EGP 0.2 million for the same period a year ago. Annualized ROAE at 30.8% and annualized ROAA at 18.6% as of June 30, 2017.