Cairo – Mubasher: The financial indicators of Heliopolis Company for Housing and Development has shown an 11.3% year-on-year drop in net profit for the nine-month period ended March 2018.
Net profit narrowed to EGP 120.4 million in the July-March period of fiscal year 2017/2018, from EGP 135.8 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.
Revenues climbed to EGP 542.8 million in the nine-month period of FY17/18 from EGP 358.2 million in the prior-year period.
The company said in a separated statement that revenues rose lately due to registering around EGP 120 million of the agreed instalments with SODIC in the 655-acre joint venture located in New Heliopolis.
The fall in profits was mainly driven by the company’s obligation to pay off a finance lease instalment of approximately EGP 80 million out of total EGP 500 million, the company highlighted.
Heliopolis Housing had previously posted a net profit of EGP 59.2 million for the six months ended December 2017, versus EGP 132.2 million in the corresponding period a year earlier.
