Cairo – Mubasher: Eastern Co. reported a 15.77% year-on-year profit decline during the first nine months of fiscal year 2018/2019.
The Egyptian tobacco company’s profits fell to EGP 2.89 billion from July 2018 to last March, compared to EGP 3.43 billion in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The profit drop was ascribed to the EGP 365 million decrease in credit interest, the statement added.
On the other hand, the company’s revenues rose to EGP 10.4 billion for the nine-month period ended 31 March from EGP 10.02 billion in the corresponding period of FY17/18.
During the six-month period ended 31 December, the company’s profits amounted to EGP 2.02 billion from EGP 2.32 billion in the year-ago period, while revenues rose to EGP 7.09 billion, compared to EGP 6.7 billion in the first half of FY17/18.
