Cairo – Mubasher: Egypt Free Shops on Wednesday reported a 23% year-on-year drop in consolidated profits for the first half of fiscal year 2017/2018.
Net profit amounted to EGP 47.03 million in the six-month period ended December 2017, against EGP 61.23 million in the same period of the prior fiscal year, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).
Sales increased to EGP 198.9 million in H1-17/18, versus EGP 185.19 million in H1-16/17.
Meanwhile, standalone profits fell 23% in H1-17/18 as a result of losses from the changed exchange rate.
Standalone profits stood at EGP 46.8 million in the first six months of the current fiscal year, compared to EGP 60.47 million in the corresponding period of FY16/17.
