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Acrow Misr sees 52% lower consolidated profit in 9M

Acrow Misr sees 52% lower consolidated profit in 9M
Revenues slid to EGP 846.1 million in 9M-19
Acrow Misr
ACRO
-2.48% 46.00 -1.17

Cairo – Mubasher: The consolidated financial statements of Acrow Misr for Scaffolding and Formwork indicated a 52% year-on-year (YoY) decrease in profit over the first nine months of 2019.

The profits amounted to EGP 76.8 million during the January-September period of the year, sharply down from EGP 161.5 million in the same period of 2018, including minority shareholders’ rights, according to a bourse filing on Sunday. 

Revenues slid to EGP 846.1 million in the nine-month period when compared to EGP 871.8 million a year earlier. 

As for the third quarter (Q3) of 2019, the firm’s profit shrank to EGP 4.58 million from EGP 36.97 million in Q3-18.

It is noteworthy that during the January-September period in 2019, the company’s standalone net profits plunged by 42.7% YoY at EGP 77.55 million, against EGP 135.4 million in the year-ago period.