Cairo – Mubasher: The board of directors of Heliopolis Company for Housing and Development (HHD) revised the estimated budget for fiscal year 2020/2021 due to the economic repercussions of the coronavirus (COVID-19) outbreak.
The state-owned firm reduced its profit expectation to EGP 562.13 million from EGP 1.214 billion for the coming fiscal year, according to a bourse disclosure on Wednesday.
Heliopolis Housing also lowered its revenue forecast to EGP 1.838 billion from EGP 3.074 billion for FY20/21.
It is noteworthy that during the first half of FY19/20, Heliopolis Housing’s net profits surged to EGP 351.34 million from EGP 48.6 million in the year-ago period.
