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Eastern Co Q1 profits soar 144%

Eastern Co Q1 profits soar 144%
Higher sales boost Eastern Co Q1 profits up 144%
Eastern Co
EAST
-0.37% 27.00 -0.10

Cairo – Mubasher: The financial indicators of Eastern Co on Thursday showed a 143.7% year-on-year hike in profits for the first quarter of fiscal year 2017/2018 due to higher sales.

The tobacco company achieved profits of EGP 1.04 billion in the three months ended September 2017, versus EGP 427.3 million in the prior-year period, the firm said in a filing to the Egyptian Exchange (EGX).

Sales surged 65.67% to EGP 3.17 billion in Q1 of FY17/18 from EGP 1.9 billion in Q1 of FY16/17.

The EGX-listed company had previously posted profits of EGP 2.9 billion in FY16/17, versus EGP 1.47 billion in FY15/16.

Eastern Co closed Wednesday’s trading session up 1.58% at EGP 309.79, with a turnover of EGP 1.02 million.