Cairo – Mubasher: Egypt Free Shops on Sunday reported a 23% year-on-year drop in standalone profits for the first half of fiscal year 2017/2018 due to changed exchange rate losses.
Net profit amounted to EGP 46.8 million in the six months ended December 2017, compared to EGP 60.47 million in the prior fiscal year, Egypt Free shops highlighted in a filing to the Egyptian Exchange (EGX).
Sales stood at EGP 195.9 million in H1-17/18, up from EGP 179 million in H1-16/17.
Losses of changing exchange rates drove the company’s profits lower to around EGP 1.5 million in the six-month period of the current fiscal year, compared to exchange rates profits of EGP 42 million in H1-16/17.
Given that the company has achieved standalone profits of EGP 21.03 million in the three months ended September 2017, from EGP 11.42 million in the same corresponding period of 2016.
Egypt Free Shops’ consolidated profits reached EGP 87.7 million in FY16/17, up from EGP 61.24 million, including minority shareholder's rights.
