Cairo – Mubasher: Lecico Egypt has succumbed to losses during the first half of 2019, the company’s consolidated financial statements showed.

The Egyptian firm suffered losses of EGP 115.65 million in the January-June period of 2019, against a profit of EGP 28.8 million in the year-ago period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

The negative turn in H1-19 financials was ascribed to an EGP 121 million drop in sales as well as an exceptional earnings of EGP 76 million in H1-18.

Sales slid to EGP 1.23 billion in the six-month period ended 30 June, compared to EGP 1.35 billion in the corresponding period a year earlier.

As for the second quarter of 2019, Lecico Egypt incurred losses of EGP 87.8 million, versus a profit of EGP 4.7 million in Q2-18.

At the level of standalone business, the EGX-listed firm logged a profit of EGP 9.18 million in H1-19, versus a loss of EGP 3.9 million in H1-18.

During the January-March period of 2019, Lecico Egypt turns to losses of EGP 27.81 million, against profits of EGP 24.17 million in the year-ago period.