Cairo – Mubasher: Alexandria Container and Cargo Handling Co. reported a 8.9% year-on-year decline in its profits after taxes in July.
Net profits retreated to EGP 160.55 million in the seventh month of 2019, compared to EGP 176.38 million in the same month a year earlier, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
The profit drop was ascribed to the decrease in US dollar exchange rate against the Egyptian pound to EGP 16.52 from EGP 17.88 as well as an increase in export-to-import ratio and a 5% rise in expenses and costs.
Year-on-year, the company’s revenues slid to EGP 212.36 million in July, compared to EGP 222.2 million.
During fiscal year 2018/2019, the EGX-listed firm’s profit dropped to EGP 1.85 billion, compared to EGP 2.44 billion in the prior fiscal year.
