Cairo – Mubasher: Electro Cable turned a loss in the first quarter of 2016 after shedding EGP 884,000 million against a net profit of EGP 1.7 million for the year-ago quarter, the consolidated financial statements indicated.

The company’s sales and sales cost reached EGP 236.547 million and EGP 216.726 million.

On Monday as well, the extraordinary general meeting nodded for increasing the company’s capital to EGP547.3 million from EGP512.2 million by distributing 1-for-20 bonus shares, according to a bourse filing, a bourse filing revealed

Thus, EGP 26 million will be added to the company’s capital to operate with EGP547.3 million rather than EGP512.2 million.  

In 2015, its profits declined 34% year-over-year to EGP27.17 million from EGP41.39 million.