Cairo – Mubasher: The financial indicators of Heliopolis Company for Housing and Development have shown a 28.1% year-on-year drop in net profit for fiscal year 2017/2018.

The company generated EGP 250.79 million in net profit in FY17/18, versus EGP 348.8 million a year earlier, the Egyptian property developer said in a filing to the Egyptian Exchange (EGX) on Wednesday.

Revenues increased to EGP 936.5 million in the 12-month period, from EGP 928.06 million in FY16/17.

Heliopolis Housing previously reported an 11.3% year-on-year decline in net profit for the nine-month period ended March, registering EGP 120.4 million from EGP 135.8 million.