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Media Production City recovers EGP 24m debt from gov't

Media Production City recovers EGP 24m debt from gov't
Photo Credit: Arabianeye-Reuters
Media Production City
MPRC
-3.76% 15.63 -0.61

Egyptian Media Production City received EGP 24 million in debt owed by the Egyptian Radio and Television Union (ERTU).  

The proceeds will used to finance the company's current projects in addition to settling part of its financial obligations to external parties.

This is considered the first time the company has collected part of its debt owed by the ERTU, Media Production City said in a bourse statement.  

Media Production reported net profits of EGP 40.4 million for 2014, an increase of 46% from the same period of the previous year.

The company is capitalised at EGP 1.9 billion, distributed across 189.6 million shares at EGP 10 par value each.