Cairo – Mubasher: The adjusted unaudited financial statements of Canal Shipping Agencies recorded a 16.8% year-on-year profit drop during fiscal year 2018/2019. 

Net profits slid to EGP 225.54 million from July 2018 to last June, compared to EGP 271.16 million in FY17/18, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

In the meantime, revenues increased to EGP 86.82 million in FY18/19 from EGP 68.09 million in the prior fiscal year.

The company previously reported net profits before adjustment of EGP 249.996 million in the twelve-month period ended 30 June.

During the first nine months of FY18/19, Canal Shipping Agencies’ profit reached EGP 177.3 million, compared to EGP 130.6 million in the prior-year period