Cairo – Mubasher: The preliminary financial statements of Paint and Chemicals Industries (Pachin) showed an 85.25% year-on-year decline in its consolidated profits during the first nine months of fiscal year 2018/2019.

Net profits shrank to EGP 11.34 million from July 2018 to last March, compared to EGP 76.89 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, the company’s consolidated sales retreated to EGP 654.29 million in the nine-month period ended 31 March from EGP 720.62 million in the same period a year earlier.

As for standalone business, Pachin’s net profits recorded EGP 3 million in the nine-month period of FY18/19, compared to EGP 12.72 million in the corresponding period of FY17/18.