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Egypt Aluminum turns to loss in Q1

Egypt Aluminum turns to loss in Q1
Egypt Aluminum posted EGP 277.81 million in post-tax profit in Q1
Egypt Aluminum
EGAL
-2.75% 93.36 -2.64

Cairo – Mubasher: Egypt Aluminum turned into losses during the first quarter of fiscal year 2019/2020 on an annualised basis, led by retreating revenues, the company said in an official statement.

The Egyptian company posted EGP 277.81 million ($17.25 million) in post-tax loss during the three-month period ended last September, according to a disclosure to the Egyptian Exchange (EGX), against a profit of EGP 468.92 million in the year-ago period.

Sales revenues dropped year-on-year to EGP 1.892 billion in the third quarter from EGP 3.6 billion.

It is worth pointing out that Egypt Aluminum recorded a net profit of EGP 570.93 million during the period from July 2018 to June 2019,  but it was lower than EGP 2.71 billion in FY17/18.

Furthermore, revenues plummeted by 9.73% to EGP 12.19 billion by the end of June, versus EGP 13.5 billion a year ago.