Cairo – Mubasher: The financial indicators of the Egyptian Transport and Commercial Services Co (Egytrans) reported a 79% year-on-year (YoY) drop in its consolidated profits during the first quarter of 2020.

The company’s net profits sank to EGP 3.68 million in the January-March period, compared to EGP 17.55 million in the corresponding period a year earlier, according to a bourse disclosure on Tuesday

In addition, revenues fell to EGP 53.9 million in Q1-20 from EGP 89.02 million in Q1-19.

As for standalone financial indicators, Egytrans reported net profits of EGP 12.09 million, down from EGP 23.73 million.

The drop in net profits was ascribed to a decrease in the company’s key activities due to the economic disruption caused by the coronavirus (COVID-19) outbreak.

 It is noteworthy to mention that in 2019, the company’s net profits declined to EGP 31.8 million from EGP 41.7 million in 2018, including minority shareholders’ rights.