Egypt's GB Auto posted a 64 percent drop in net income to 63.9 million Egyptian pounds ($11.7 million) for the third quarter of 2009, missing forecasts by two analysts, but saying it saw an upturn in the car market.

Strong quarter-on-quarter earnings and revenue growth and the flattening of declines compared to the first half signal that the recession in Egypt's passenger car market may now be drawing to a close, Chief Executive Officer Raouf Ghabbour said in a statement on Wednesday on the firm's website.

(Writing by Cynthia Johnston)