Cairo – Mubasher: Canal Shipping Agencies reported Tuesday that net profits for the fourth quarter of 2015/16 declined 44.52% year-over-year to EGP 9.3 million ($1.04 million) from EGP 16.76 million ($1.88 million), according to a bourse statement.

Over the fiscal year 2015/16, the company earned EGP 55.07 million ($6.16 million), up 39.39% year-on-year from EGP 39.51 million ($4.44 million).

FY15/16 sales increased by 6.09% to EGP 60.27 million from EGP 56.81 registered a year earlier.

Moreover, the board of directors approved increasing capital by $1 million, a separate bourse filing revealed today.

The company is capitalized at EGP 200 million, divided into 200 million shares at a nominal value of EGP 1 each.