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Misr Hotels logs EGP 62m profit in Q1-19/20 unaudited financials

Misr Hotels logs EGP 62m profit in Q1-19/20 unaudited financials
Revenues declined to EGP 109.3 million
Misr Hotels
MHOT
0.00% 117.06 0.00

Cairo – Mubasher: The unaudited financial results of Misr Hotels showed a 12% year-on-year profit growth during the first quarter of fiscal year 2019/2020.

Net profits increased to EGP 61.6 million in the three-month period ended 30 September, compared to EGP 54.9 million in the corresponding period a year earlier, according to a filing to the Egyptian Exchange (EGX) on Thursday.

On the other hand, the company’s revenues declined to EGP 109.3 million in the July-September period of 2019 from EGP 119 million in the prior-year period.

The Q1 profit rise was ascribed to the EGP 7.02 million year-on-year drop in financing expenses on the back of slashing key interest rates this year. 

In September, the CBE lowered the overnight deposit rate, the overnight lending rate, and the rate of the main operation to 13.25%, 14.25%, and 13.75%, respectively.

It is worth mentioning that during FY18/19, the company logged a net profit of EGP 176.39 million, up from EGP 149.7 million a year earlier.