CAIRO: Egypt's GB Auto said on Sunday its third-quarter net income rose 25 percent year-on-year to LE 89.0 million ($14.9 million), but said the return to growth may be temporary because of a volatile automobile market. The firm, Egypt's biggest listed automobile assembler, said net income was LE 71.4 million in the same quarter of 2010. It also reported revenues of LE 2.38 billion for the third quarter this year, a 16.5 percent increase year-on-year. "While this return to growth is likely only a temporary upswing in a volatile market marked by passenger car supply constraints, it also is a testament to the strength of our market's long-term fundamentals..," said Chief Executive Raouf Ghabbour in a statement. GB Auto's share price has tumbled since a popular uprising overthrew president Hosni Mubarak and sparked economic turmoil. The company's second-quarter net profit fell 35 percent. Its shares traded above LE 50 before the January uprising. They closed at LE 23 on Sunday before the results. GB Auto, the top passenger car importer and distributor in the Middle East and North Africa, said growth was underpinned by its financing business and strong sales of motorcycles and three-wheelers. "Three-wheeler (tuk-tuk) unit sales were record-breaking for the third consecutive quarter, while the expansion of the financing businesses has paid off in significant revenue gains," the company said.
