Cairo – Mubasher: Lecico Egypt said it suffered net losses of EGP 49.1 million for the third quarter of 2016 compared with EGP 8.7 million for the comparable period of the previous year.
The company’s revenues fell 1% to EGP 336.7 million in Q3 – 2016, while it reported an Operating (EBIT) loss of EGP 6.3 million compared to a profit of EGP 16.4 million for the same period of the previous year, according to a press statement.
As for the first nine months of 2016, the company posted net losses of EGP 129.6 million compared with EGP 2.6 million a year earlier.
The firm revenues slide 6% to 1.002 billion for the nine - month period ended September 2016, while it posted an Operating (EBIT) loss of EGP 35.4 million compared to a profit of EGP 66.6 million for the similar period of 2015.
"The future looks a lot brighter following the most recent government move to float the currency. For Lecico, as a major exporter, this will bring about a substantial recovery in earnings, as long as we also reflect increased costs in our local pricing – a process we began in November," said Lecico Egypt Chairman and CEO, Gilbert Gargour.
“We believe the decision to float the currency marks a turning point and will positively Lecico,”added CEO.
