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Heliopolis Housing cuts FY20/21 profit, revenue forecasts

Heliopolis Housing cuts FY20/21 profit, revenue forecasts
Heliopolis Housing lowered its revenue forecast to EGP 1.838 billion
Heliopolis Housing
HELI
-1.63% 9.64 -0.16

Cairo – Mubasher: The board of directors of Heliopolis Company for Housing and Development (HHD) revised the estimated budget for fiscal year 2020/2021 due to the economic repercussions of the coronavirus (COVID-19) outbreak.

The state-owned firm reduced its profit expectation to EGP 562.13 million from EGP 1.214 billion for the coming fiscal year, according to a bourse disclosure on Wednesday.

Heliopolis Housing also lowered its revenue forecast to EGP 1.838 billion from EGP 3.074 billion for FY20/21.

It is noteworthy that during the first half of FY19/20, Heliopolis Housing’s net profits surged to EGP 351.34 million from EGP 48.6 million in the year-ago period.