Cairo – Mubasher: Edita Food Industries said its consolidated profits for FY16 first quarter declined 52% year-over-year to EGP 39.2 million ($4.4 million) from EGP 81.3 million ($9.1 million).
Meanwhile, its standalone profits reached EGP 19.5 million during the same period, 69% down from EGP 63 million for the year-ago quarter.
This decline was driven by a slump in the company’s turnover, namely business activities involving wholesalers amid the devaluation of Egyptian pound, which prompted the company to hedge against risks through fulfilling its needs for basic commodities at the expense of other supplementary ones, including Edita commodities.
Edita revenues also fell by 2% year-over-year to EGP518.1 million in the first three months of 2016.
Earlier, the Central Bank of Egypt devalued the Egyptian pound by 112 piasters then increased its value by 7 piasters to EGP8.78 per dollar.
In 2015, the company earned EGP370.9 million, 30.9% up from EGP283.4 million a year earlier.
