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Middle East Glass posts 86% profit plunge in H1

Middle East Glass posts 86% profit plunge in H1
Middle East Glass Manufacturing Co. (MEGM) posted EGP 2.5 million consolidated net profit for H1-14, with a drop by 86% compared with EGP 17.5 million net profit in H1-13.
The company’s standalone financial results for the same period mirrored EGP 6.373 million net loss, against EGP 3.709 million net profit for the year-ago period.
Financial results for Q1 that ended on March 31, 2014 had shown EGP 1.1 million net loss, against EGP 4.5 thousand net profit in the same period a year earlier. The company’s FY13 profit had netted EGP 29.9 million, falling 10% year-over-year from EGP 33.2 million.