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Egytrans Q1 profit slides 32%

Egytrans Q1 profit slides 32%
Net profit narrowed to EGP 13.8 million in the three-month period ended last March
Egytrans
ETRS
-1.08% 3.68 -0.04

Cairo – Mubasher: Egyptian Transport and Commercial Services Co (Egytrans) on Thursday reported a 31.7% year-on-year decline in consolidated profits for the first quarter of 2018.

Net profit narrowed to EGP 13.8 million in the three-month period ended last March, from EGP 20.25 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX) on Thursday.

Revenues shrank to EGP 62.34 million in Q1-18 from EGP 110.5 million in the same period last year.

The standalone financial indicators of Egytrans had shown a 21.5% year-on-year decline in profits Q1-18, as net profit retreated to EGP 18.9 million from EGP 24.1 million in Q1-17.

The company had previously posted a 69% year-on-year hike in standalone profits for the full-year 2017, recording EGP 72.6 million from EGP 42.9 million in 2016. 

Egytrans’ capital amounts to EGP 156.06 million distributed over 31.2 million shares at a par value of EGP 5 per share.