Cairo – Mubasher: Heliopolis Company for Housing and Development turned to net losses of EGP 41.23 million in the first quarter (Q1) of fiscal year 2020/2021, against net profits of EGP 29.39 million in the year-ago period, the unaudited financial results showed.

The company generated EGP 38.33 million in revenue in the three-month period ended 30 September, down from EGP 248.18 million in the corresponding period a year earlier, according to a bourse disclosure on Tuesday.

The negative turn in the financial results was ascribed to the current economic challenges that impacted the company’s revenues.

During FY19/20, Heliopolis Housing logged net profits of EGP 365.57 million, down from EGP 376.39 million a year earlier.