International Company for Leasing (Incolease) posted EGP 62.3 million ($8.2 million) net profit for the fiscal year 2014, a decline by 13.2% compared with EGP 71.8 million ($9.4 million) net profit a year earlier.

The company attributed the profit decline to adding EGP 21.9 million to provisions, which represents a rise by 237% compared with EGP 6.5 million in 2013.

Incolease had reported a 6.5% fall in net profit for the first nine months of FY14 to EGP 46.1 million.

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