Cairo – Mubasher: The unaudited consolidated financial statements of Paint and Chemicals Industries (Pachin) showed an 89.3% year-on-year profit plunge during the first half of fiscal year 2019/2020.

Net profits dwindled to EGP 2.52 million during the six-month period ended 31 December 2019, compared to EGP 23.65 million in the prior-year period, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, revenues retreated to EGP 406.9 million in H1 of FY19/20 from EGP 411.8 million in the corresponding period a year earlier.

As for standalone business, indicators showed that the company’s net profits slid to EGP 1.6 million in the July-December period of 2019, compared to EGP 4.17 million in the prior-year period.

The drop in net profits was ascribed to an increase in costs and expenses as well as losses incurred due to the halt of operations at the resins factory.

It is worth mentioning that during the first quarter of FY19/20, Pachin’s net profits declined to EGP 3.61 million from EGP 15.95 million in the same period a year earlier.