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Egytrans records 98% lower profit in Q1-21

Egytrans records 98% lower profit in Q1-21
The revenues increased to EGP 57.18 million in the January-March period
Egytrans
ETRS
-1.08% 3.68 -0.04

Cairo – Mubasher: Egyptian Transport and Commercial Services Co (Egytrans) recorded a 98% year-on-year (YoY) decline in its net profits to EGP 72,093 in the first quarter (Q1) of 2021, compared to EGP 3.68 million, the unaudited financial results showed.

The revenues increased to EGP 57.18 million in the January-March period from EGP 53.81 million in the corresponding period a year earlier, the company said in a bourse disclosure on Tuesday.

The profit drop was ascribed to higher general and administrative expenses.

As for standalone business, Egytrans logged net profits of EGP 14.31 million in Q1-21, up from EGP 12.09 million in Q1-20.

Over the course of 2020, the net profits of Egytrans plunged by 59% to EGP 13.06 million, compared to EGP 31.82 million a year earlier.