Cairo – Mubasher: Lecico Egypt has succumbed into losses during the first quarter of 2019.
The Egyptian firm reported net consolidated losses of EGP 27.81 million in the January-March period of 2019, against profits of EGP 24.17 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, the company’s net sales retreated to EGP 637.1 million in Q1-19 from EGP 653 million in Q1-18.
On the other hand, costs of sales rose to EGP 512.16 million in the three-month period ended 31 March, compared to EGP 509.39 million in the same period a year earlier.
As for standalone business, the company turned a profit after generating EGP 45.99 million in Q1-19, versus losses of EGP 8.16 million in Q1-18.
For the full-year 2018, Lecico Egypt logged EGP 111.65 million in losses, against a profit of EGP 37.8 million in the previous year, including minority shareholders’ rights.
The company’s sales rose to EGP 2.7 billion last year, compared to EGP 2.4 billion in 2017.
