Cairo - Mubasher: MubasherTrade Research has downgraded their rating for Lecico to Sell/High Risk with the same price target (PT) of EGP 5.54 per share due to recent price rally, according to a recent report.

“With stronger-than-expected operational performance and continued focus on exports, we remain positive on the company,” the statement added.

MubasherTrade believed the company saw an impressive performance backed by a strong international presence, noting that since their latest note dated 14 November 2016, Lecico's share rallied 87%, surpassing their price target of EGP 5.54 per share.

Lecico - Egypt reported profits of EGP 19.54 million in the first quarter of 2017 against losses of EGP 41.47 million in the same period last year, as shown by the company’s consolidated financial statements.

Sales increased to EGP 545.78 million in Q1-17 compared to EGP 319 million in Q1-16, according to the company’s statement to the Egyptian Exchange (EGX) on Sunday.

Independent profits declined by 39% in the three-month period that ended on 31 March to EGP 36.51 million compared to EGP 59.97 million in the same period in 2016.