Cairo – Mubasher: Misr Refrigeration and Air Conditioning (Miraco) said its profits declined 37.16% in the first quarter of 2016.
Miraco’s Q1 profits reached EGP9.55 million ($1.08 million), compared with EGP15.2 million ($1.7 million) for the year-ago quarter.
Its standalone profits also fell 45.5% to EGP9.08 million in the first quarter, compared to EGP16.67 million in 2015.
During 2015, the company earned EGP111.4 million, which is 36% higher year-on-year from EGP82.1 million.
