Cairo – Mubasher: Eastern Co. reported an 8% increase in net profits to EGP 3.13 billion in the first nine months of fiscal year 2019/2020, compared to EGP 2.895 billion in the year-ago period, the unaudited financial results showed.

The profit increase was ascribed to several reasons, most importantly the rise in gross profits by EGP 600 million, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

The tobacco manufacturer generated EGP 11.36 billion in revenue from July 2019 until the end of last March, up from EGP 10.55 billion in the corresponding period a year earlier.

It is worth mentioning that during the first half of FY19/20, Eastern Co. logged EGP 2.21 billion in net profits, compared to EGP 2.02 billion in the prior-year period.