Cairo – Mubasher: Heliopolis Company for Housing and Development on Thursday reported a 17.8% year-on-year decline in net profit for the first half of fiscal year 2018/2019.
Net profit reached EGP 48.6 million in the six-month period ended last December, versus EGP 59.2 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX).
Revenues surged to EGP 383.3 million in H1-18/19, from EGP 309.7 million in the corresponding period a year earlier.
The Egyptian real estate firm ascribed the six-month profit decline to an increase in the cost of banks’ credit facilities, in addition to the financial leasing installation worth EGP 34 million.
Additionally, the growing spending on the company’s long-term investment in the facilities of New Heliopolis city, the statement added.
In October, Heliopolis Housing repoted that its net profit dropped by 88.6% to EGP 8.7 million in the first quarter of FY18/19, versus EGP 76.8 million in the prior-year period.
