Cairo – Mubasher: Elsewedy Electric Co reported a 53% year-on-year (YoY) drop in its net profits during the first quarter of 2020, the consolidated financial statements showed.

The company’s net profits shrank to EGP 463.69 million during the January-March period, compared to EGP 995.5 million in the prior-year period, according to a bourse disclosure on Wednesday.

Revenues fell to EGP 10.77 billion in Q1-20 from EGP 11.22 billion in Q1-19.

As for standalone business, the company reported net profits of EGP 38.24 million in the three-month period ended on 31 March, compared to EGP 17.60 million in the corresponding period a year earlier.

For the full-year 2019, the company’s net profits declined to EGP 4.163 billion, compared to EGP 5.109 billion in 2018, including minority shareholders’ rights