CAIRO - Egypt's GB Auto expects to double its profit in the second quarter of 2010 and plans to export buses to Middle Eastern and European markets by the end of 2010, executives said on Thursday.
In the coming quarter, we expect profit to increase quite a bit on Iraq, chief finance officer Colin Sykes said in a conference call.
He added that the firm expects to double its second quarter profit to 90-100 million Egyptian pounds on revenues of between 1.4 billion and 1.5 billion pounds.
The vehicle assembler's chief executive officer Raouf Ghabbour also said the firm planned to export buses to markets in the Middle East and Europe by the end of 2010. (Reporting by Sherine El Madany)