Cairo – Mubasher: The unaudited financial results of Alexandria Container and Cargo Handling Co showed a 15.4% year-on-year profit drop during the first quarter of fiscal year 2019/2020 on the back of lower revenues.

Net profits declined to EGP 418.27 million in the three-month period ended 30 September, compared to EGP 494.5 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Thursday.

Sales retreated to EGP 670.2 million in Q1 of FY19/20, compared to EGP 693.8 million in the corresponding period a year earlier.

It is worth mentioning that during FY18/19, Alexandria Container logged a net profit of EGP 1.83 billion, compared to EGP 2.44 billion in FY17/18.