Cairo – Mubasher: Lecico Egypt on Sunday reported a 93% year-on-year decline in net loss in the third quarter of 2017 on the back of higher sales.   

The company’s net loss dropped considerably to EGP 3.03 million in the three-month period ended 30 September, compared to EGP 46.8 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX).

Lecico Egypt’s sales nearly doubled to EGP 633.5 million from July to September, from EGP 336.7 million in the comparative period of 2016, the company’s data showed.

As for the first nine months of 2017, Lecico Egypt made EGP 30.7 million in profits against losses of EGP 128.7 million in the first three quarters of 2016.