Egypt's GB Auto Q3 profit dips 26.5 pct on car supply shortage

Reuters, Tuesday 6 Nov 2012

Egyptian vehicle distributor GB Auto said on Tuesday that its third quarter net income dropped 26.5 percent year-on-year to 65.4 million Egyptian pounds ($10.7 million) because its main passenger car supplier could not keep up with demand.

"Our Egyptian passenger car business ... saw a dip in sales in the quarter just ended on the back of supply constraints following an extended period of labour unrest at Hyundai Motors, our key global partner," said Chief Executive Officer Raouf Ghabbour.

Egypt's biggest listed automobile assembler controls a third of a passenger car market which has grown quickly in recent years helped by easier access to credit, a wider range of cheaper Asian vehicles and a fast-expanding population.

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