Cairo – Mubasher: Egypt Aluminum on Monday reported a 34% year-on-year drop in profit for the first quarter of fiscal year 2018/2019 due to higher cost of production.

Net profits stood at EGP 468.9 million in the three-month period ended September, versus EGP 712.3 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX).

Revenues rose to EGP 3.6 billion at the end of September, from EGP 3.1 billion in the same quarter of FY17/18.

The company attributed the decline in profits to the increase in cost of production and electricity.

Egypt Aluminum previously posted a net profit of EGP 2.7 billion in FY17/18, versus EGP 1.7 billion a year earlier.