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Egypt Aluminum's profit slides 62% in 9M

Egypt Aluminum's profit slides 62% in 9M
The Egyptian company’s net profits amounted to EGP 715.8 million
Egypt Aluminum
EGAL
-2.75% 93.36 -2.64

Cairo – Mubasher: Egypt Aluminum posted a 61.7% year-on-year profit decline during the first nine months of fiscal year 2018/2019.

The aluminum maker’s net profits stood at EGP 715.8 million from July 2018 to last March, compared to EGP 1.86 billion in the corresponding period a year earlier, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

The drop of the nine-month net profit was ascribed to higher costs of electric power and other production requirements, along with lower basic prices of aluminium on the London Stock Exchange (LSE).

The company’s revenues rose to EGP 9.94 billion in the first nine months of FY18/19 from EGP 9.91 billion in the same period of FY17/18.

During the six months ended 31 December, the company logged EGP 758.3 million in profits, compared to EGP 1.15 billion in the year-ago period.