MICH
Cairo – Mubasher: Misr Chemical Industries on Sunday reported a 16% year-on-year drop in its profits for the first quarter of fiscal year 2018/2019.
Net profit amounted to EGP 24.6 million during the three-month ended September, versus EGP 29.4 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX).
Revenues grew to EGP 96.06 million in Q1-18/19, compared to EGP 87.2 million in the same period a year earlier.
The profit decline in the fiscal first quarter was mainly driven by an income tax worth EGP 6 million as compared with the year-ago period that no taxes were imposed, the company highlighted.
Misr Chemical previously posted a net profit of EGP 140.1 million for FY17/18, against a net loss of EGP 23.8 million in the year-ago period.