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El Arabia for Land Reclamation turns to loss in FY14/15

El Arabia for Land Reclamation turns to loss in FY14/15
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: El Arabia for Land Reclamation logged EGP 6.98 million ($889,630) net loss for the fiscal year FY14/15, versus EGP 437,700 ($55,700) profit reported a year earlier, the company said in a bourse filing posted Wednesday.

Meanwhile, FY14/15 gross profit amounted to EGP 3.2 million, down from EGP 10.5 million in FY13/14.

The company earlier posted EGP 2.1 million ($275,000) net loss for the first nine months of FY14/15, compared with EGP 6.7 million ($878,000) in the year-earlier period.