Cairo – Mubasher: Eastern Co on Wednesday reported a 12.6% year-on-year decrease in its net profits for the first half of fiscal year 2018/2019.

Net profit reached EGP 2.02 billion during the six-month period ended 31 December 2018, compared to EGP 2.32 billion in the same period of 2017, the Egyptian tobacco company said in a statement to the Egyptian Stock Exchange (EGX).

The company’s revenues increased to EGP 7.09 billion in the July-December period of last year, versus EGP 6.7 billion in the corresponding period a year earlier.

The drop in net profits was mainly driven by a decline of EGP 260 million in credit interest, according to the statement.

In October, Eastern Co said its net profits fell by 5% during the first quarter of FY18/19, recording EGP 991.18 million, compared to EGP 1.04 billion in the same quarter of FY17/18.