Cairo – Mubasher: Misr Cement – Qena reported an 80.9% year-on-year decline in its consolidated profits during the first quarter of 2019.
The cement producer’s net profits plunged to EGP 12.05 million in Q1-19, compared to EGP 63.1 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, sales revenues rose to EGP 833.65 million in the three-month period ended 31 March from EGP 771.52 million in the same period a year earlier.
On the other hand, costs of sales registered EGP 713.23 million in the January-March period of 2019, compared to EGP 581.3 million in the corresponding period of 2018.
As for standalone business, the EGX-listed firm’s profits retreated to EGP 11.83 million in Q1-19 from EGP 36.12 million in Q1-18.
For the full-year 2018, Misr Cement logged EGP 104.39 million in net profits, compared to EGP 14.49 million in the previous year.
