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Acrow Misr profits down 62.5% in Q3

Acrow Misr profits down 62.5% in Q3
An Acrow Egypt project (Photo credit: Company website)
Acrow Misr
ACRO
-2.48% 47.17 -1.17

Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork reported a profit decline of 62.5% in the third quarter of 2016, according to the company’s statement to the Egyptian Exchange (EGX) on Wednesday.

Profits reached nearly EGP 13.6 million during Q3-16, compared with EGP 36.2 million in Q3-15.

Results also showed that profits for the nine-month period ended 30 September 2016 amounted to EGP 81.1 million, down 27.3% year-on-year from EGP 111.5 million.

Acrow’s stock declined 0.17% by 10:00am Cairo time on Wednesday to EGP 35.