Cairo – Mubasher: Gulf Canadian Real Estate Investment turned into profits in the second quarter of 2016, according to a bourse filing.

The company earned EGP 61,960 ($6,960) during Q2 against EGP 163,040 ($18,320) losses for the year-ago quarter.

Over the first six months, net losses shrank 55.82% year-over-year to EGP 141,750 from EGP 320,820.

In the first quarter, the company registered EGP 203,710 losses, compared with a net loss of EGP 157,780 in the prior-year quarter.