Cairo – Mubasher: Canal Shipping Agencies recorded a 7.81% year-on-year profit decline during fiscal year 2018/2019, according to the company's unaudited financial results.
Net profits fell to EGP 249.996 million in the twelve-month period ended 30 June, compared to EGP 271.167 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
Meanwhile, sales went up 0.85% to EGP 86.83 million in FY18/19 from EGP 86.09 million in FY17/18.
The profit retreat was ascribed to lower return on securities.
During the first nine months of FY18/19, Canal Shipping Agencies logged a profit of EGP 177.3 million, compared to EGP 130.6 million in the prior-year period.
Revenues slid to EGP 63.9 million in the nine-month period ended 31 March, compared to EGP 66.07 million in the same period of FY17/18.
