Cairo – Mubasher: The adjusted financial indicators of Egypt Aluminum showed a 78.98% year-on-year decline in profits for the fiscal year 2018/2019.

The company’s net profits plunged to EGP 570.93 million during the period from July 2018 to June 2019, when compared to EGP 2.71 billion in FY17/18, the company disclosed to the Egyptian Exchange (EX) on Monday.

Revenues fell to EGP 12.19 billion, 9.73% lower than EGP 13.5 billion during FY17/18.

The company ascribed the profit decline to higher electrical energy expenses and other production requirements, in addition to the decrease in the basic price of aluminium on the London Metal Exchange as well as the falling US dollar exchange rates.

It is worthwhile to mention that during the first nine months of FY18/19, Egypt Aluminum’s net profits dropped to EGP 715.8 million from EGP 1.86 billion in the year-ago period, while revenues soared to EGP 9.94 billion from EGP 9.91 billion.