Cairo – Mubasher: The unaudited financial results of Alexandria Container and Cargo Handling Co reported a 23.5% year-on-year drop in its net profits during the first half of fiscal year 2019/2020.

Net profits fell to EGP 736 million during the July-December period of 2019, compared to EGP 962.4 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX) on Sunday.

Sales declined to EGP 1.249 billion during the six-month period ended 31 December from EGP 1.408 billion in the prior-year period.

It is noteworthy that during the first five months of FY19/20, the company logged a net profit of EGP 632.94 million, down from EGP 822.54 million in the corresponding period a year earlier.

The profit drop was ascribed to lower activity revenue which slid by EGP 124 million year-on-year as the US dollar exchange rate fell to EGP 16.15, along with a 5% decrease in the number of containers.