Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) on Wednesday reported a 62% year-on-year decline in profits for the first half of fiscal year 2018/2019.

Net profit amounted to EGP 278.4 million in the six-month period ended December, versus EGP 745.4 million in the prior-year period, AMOC said in a filing to the Egyptian Exchange (EGX).

Sales increased to EGP 7.7 billion in the July-December period of FY18/19 from EGP 6.2 billion in the same quarter a year ago.

In October, AMOC posted a 37% year-on-year drop in profits for the first quarter of FY18/19, recording EGP 253.09 million, versus from EGP 402.6 million in the prior-year period, AMOC said in a filing to the Egyptian Exchange (EGX).

Moreover, sales grew to EGP 4.1 billion in the July-September period of FY18/19 from EGP 3.5 billion in the same quarter of FY17/18.