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El Kahera Housing swings to loss in 2019

El Kahera Housing swings to loss in 2019
Revenues retreated to EGP 1.01 billion in 2019
El Kahera Housing
ELKA
-3.56% 1.49 -0.06

Cairo – Mubasher: El Kahera Housing announced turning to losses during 2019, the consolidated financial statements showed.  

The company suffered net losses of EGP 20.78 million last year, versus net profits of EGP 426.2 million in 2018, according to a bourse statement on Tuesday.

Revenues retreated to EGP 1.01 billion in 2019, compared to EGP 1.2 billion in the previous year.

As for standalone business, the company succumbed to losses of EGP 64.34 million last year, against net profits of EGP 50.92 million in 2018.

It is noteworthy to mention that during the January-September period of 2019, the company’s net profits dwindled to EGP 85.18 million from EGP 356.8 million in the year-ago period, including minority shareholders’ rights.