Egyptian Carmaker Prepares For Slowdown

Egyptian carmaker Ghabbour Auto (GB Auto) has announced its second-highest quarterly profits ever, but warns that the Egyptian vehicle market could be facing a slowdown. GB Auto's net profits rose by 88% in the quarter ending September 2008 to EGP180mn (US$32.5mn), on the back of a 28% increase in sales to EGP1.68bn (US$304mn). Total revenues comprise of a 2.4% rise in passenger car sales and a 54.8% surge in commercial vehicle sales. However, GB Auto Chief Executive Raouf Ghabbour claims that the company's fourth quarter profits could be much lower and that 2009 could prove to be a 'volatile' year

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