Cairo – Mubasher: Misr Chemical Industries registered a 43.6% year-on-year profit retreat during fiscal year 2018/2019, according to the company's unaudited financial results.
Net profits shrank to EGP 78.54 million in the twelve-month period ended 30 June, compared to EGP 139.3 million in the corresponding period a year earlier, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.
The FY18/19 profit decline was attributed to the EGP 20 million increase in costs of production requirements and the EGP 40 million drop in selling prices.
Meanwhile, revenues plunged to EGP 362.7 million from July 2018 to last June, compared to EGP 400.03 million in the year-ago period.
During the first eleven months of FY18/19, the company logged a net profit of EGP 82.5 million, down from EGP 132.39 million in the corresponding period a year earlier.
