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Eastern Co posts EGP 991m profit in Q1-18/19

Eastern Co posts EGP 991m profit in Q1-18/19
The company’s revenues rose to EGP 3.3 billion in the three-month period ended September
Eastern Co
EAST
-0.37% 27.00 -0.10

Cairo – Mubasher: Eastern Co reported a 5% year-on-year decline in its net profits during the first quarter of fiscal year 2018/2019.

From June to September, the Egyptian tobacco company posted a net profit of EGP 991.18 million, compared to EGP 1.04 billion in the same period last year, according to a statement to the Egyptian Stock Exchange (EGX) on Wednesday.

The company’s revenues rose to EGP 3.3 billion in the three-month period ended September, compared to EGP 3.17 billion in the comparable quarter of 2017.

The decline in its first fiscal quarter net profit was attributable to low interest earnings that dropped to EGP 129 million, down from EGP 235 million last year, according to the company’s filling. Egypt's monopoly cigarette maker previously announced a profit of EGP 4.2 billion during for fiscal year 2017/2018 due to higher revenues, compared to EGP 2.9 billion in FY16/1