Cairo – Mubasher: The unaudited consolidated financial results of Paint and Chemicals Industries (Pachin) showed an 88% year-on-year (YoY) fall in its net profits, logging EGP 4.5 million in fiscal year 2019/2020, compared to EGP 37.5 million.

The company generated EGP 784.6 million in sales in the year ended 30 June, down from EGP 913.6 million a year earlier, according to a bourse disclosure on Sunday.

As for the standalone business, Pachin achieved net profits of EGP 3.2 million in FY19/20, down from EGP 65 million, and posted sales of EGP 65.5 million, compared to EGP 83.5 million in FY18/19.

The profit fall was ascribed to lower activity revenue due to the economic challenges posed by the coronavirus (COVID-19) pandemic.

During the first nine months of FY19/20, the company suffered net losses of EGP 4.14 million, versus net profits of EGP 26.8 million in the year-ago period.