Cairo – Mubasher: The consolidated profit of the Industrial Engineering Company for Construction and Development (ICON) shrank by 78% year-on-year (YoY) to stand at EGP 79.9 million during the January-September period of 2019 from EGP 357.74 million, including minority shareholders’ rights.

Revenues increased to EGP 1.25 billion in the nine month period when compared to EGP 927.16 million in the same period in 2018, according to a bourse filing on Sunday.

The firm’s standalone profit declined to EGP 4.5 million during the period from January to September 2019 from EGP 35.5 million a year earlier. 

During the third quarter (Q3) of 2019, the company suffered losses worth EGP 2.11 million, against EGP 6.6 million worth of profits in Q3-18.

It is worthwhile to mention that during the first six months of 2019, ICON saw lower profits of EGP 82.04 million from EGP 351.13 million in the same period in 2018, including minority shareholders’ rights.