Cairo – Mubasher: Canal Shipping Agencies reported a 40% drop in its net profits to EGP 97.08 million in the first half (H1) of fiscal year 2020/2021 from EGP 161.99 million in the year-ago period.

Lower net profits are attributed to a decline in the returns of its investments in Port Said Container and Cargo Handling and Damietta Container and Cargo Handling, in addition to the coronavirus (COVID-19) pandemic, according to a bourse filing on Monday.

The company's revenues decreased to EGP 22.88 million in the July-December period from EGP 33.81 million in the same period of the previous year.

It is noteworthy to mention that in the first quarter (Q1) of fiscal year 2020/2021, the company logged net profits of EGP 41.05 million, down by 68% year-on-year (YoY) from EGP 128.3 million.