Financial results released by Rubex Plastic Manufacturing Co. for the first nine months of FY14 showed that net profit fell 93% to EGP 180.3 thousand, compared with EGP 2.8 million in the year-ago period.
The company’s board had approved a credit facility offer from Bank Audi, after reviewing the offers received from Commercial International Bank (CIB) and Bank Audi.
According to the company’s statement to the stock market, Rubex will receive a long-term loan worth EGP 30 million to finance the purchase of machinery and equipment. The loan will be repaid over 66 months, including a grace period of six months starting from the withdrawal date, or eight months starting from signing date.
Under the agreement, the company will also receive a loan worth EGP 10 million that will go for financing the company’s working capital.
The company’s financial results for H1 that ended on June 30, 2014 had shown that net profit fell 41% to EGP 1.3 million, compared with EGP 2.2 million in the same period a year earlier.
Financial results for the four-month period that ended on April 30, 2014 had shown EGP 959.2 thousand net profit for the first four months of FY14, compared with EGP 1.4 million net profit in the same period a year earlier.