Cairo – Mubasher: Lecico Egypt on Tuesday posted a 14.4% year-on-year decline in consolidated profits for the first half of 2018 due to lower sales.

Net profit amounted to EGP 28.88 million in the six-month period ended June, from EGP 33.75 million in H1-17, the company said in a filing to the Egyptian Exchange (EGX).

Moreover, sales shrank to EGP 705 million in H1-18, versus EGP 1.35 billion in the prior-year period.

As for the standalone financial statement, the company turned to losses with EGP 3.92 million in H1-18, compared to standalone profits of EGP 10.64 million in the year-ago period.

Lecico Egypt previously reported a 23.7% year-on-year increase in consolidated profits for Q1-18, recording a net profit of EGP 24.17 million, versus EGP 19.5 million.