Cairo – Mubasher: Heliopolis Company for Housing and Development (HELI) posted a 67% profit drop in the first nine months of fiscal year 2018/2019.

The Egyptian firm’s net profits slid to EGP 39.5 million from July 2018 to last March, compared to EGP 120.4 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, revenues retreated to EGP 468.5 million in the first nine months ended 31 March from EGP 542.8 million in the corresponding period a year earlier.

For the first half of FY18/19, the company’s profits logged EGP 48.6 million, compared to EGP 59.2 million in the prior-year period.

From July to December 2018, revenues grew to EGP 383.3 million from EGP 309.7 million in the same period of FY17/18.