Cairo – Mubasher: Ferchem Misr for Fertilizers and Chemicals posted on Sunday a year-on-year decrease of 67% in profits for fiscal year 2016.

Net profits reached EGP 1.4 million for FY16, compared to EGP 4.3 million for FY15, according to a bourse filing.

Revenues for FY16 amounted to EGP 89.2 million, versus EGP 55.10 million for FY15.

The flotation of the Egyptian pound had no impact on the company’s financial statements for the year ended on 31 December 2016, another statement said.

The company set 13 April for its ordinary general meeting (OGM) to discuss FY16’s results.