Cairo – Mubasher: Eastern Co on Tuesday posted a 160.8% year-on-year hike in profits for the first half of fiscal year 2017/2018 due to higher operating revenues.

Net profit stood at EGP 2.3 billion in the six-month period ended December 2017, versus EGP 890.3 million in the prior-year period, the company highlighted in a filing to the Egyptian Exchange (EGX).

Revenues amounted to EGP 6.7 billion in H1-17/18, up from EGP 5 billion in the same period a year earlier.

The tobacco producer firm has attributed the increase in profits to a 36% growth in operating revenues, noting that expenses totalled EGP 738.3 million with a 23% increase.

Eastern Co had generated EGP 1.77 billion profits in FY16/17, compared to EGP 1.47 billion in FY15/16.