Cairo – Mubasher: Egypt Aluminum posted a 77.8% year-on-year profit decline during fiscal year 2018/2019, according to the company's unaudited financial results.
The aluminium manufacturer’s profit shrank to EGP 599.84 million from July 2018 to last June, compared to EGP 2.71 billion a year earlier, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
Year-on-year, the company’s revenues retreated to EGP 12.18 billion in the twelve-month period ended 30 June from EGP 13.5 billion in the corresponding period a year earlier.
The FY18/19 profit drop was attributed to higher costs of electric power and other production requirements as well as the decrease in basic prices of aluminium on the London Stock Exchange (LSE).
During the first nine months of FY18/19, the company logged a net profit of EGP 715.8 million, compared to EGP 1.86 billion in the prior-year period.
