Cairo – Mubasher: The unaudited financial results of Misr Chemical Industries showed a 75.91% year-on-year profit drop during the first half of fiscal year 2019/2020.

Net profits plunged to EGP 14.34 million in the six-month period ended 31 December 2019, compared to EGP 59.52 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The decline in profits was ascribed to a 40% year-on-year decrease in sales prices, the company noted.

Meanwhile, revenues fell by 27.42% to EGP 153.59 million in the July-December period of 2019, compared to EGP 211.6 million in the corresponding period a year earlier.

It is noteworthy that during the first quarter of FY19/20, the company’s net profits retreated to EGP 9.62 million from EGP 39.92 million in the corresponding period a year earlier.