Cairo – Mubasher: The unaudited financial results of Misr Chemical Industries reported a 62% year-on-year (YoY) profit decline during the first nine months of fiscal year 2019/2020.
The company’s net profits plunged to EGP 28.46 million in the nine-month period ended 31 March, compared to EGP 75.5 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday.
Revenues fell to EGP 245.35 million in the first nine months of FY19/20 from EGP 286.54 million in the prior-year period.
The company ascribed the drop in net profits to a 50% YoY decrease in selling prices.
It is worth mentioning that during the first seven months of FY19/20, the company’s net profits tumbled to EGP 16.91 million from EGP 62.59 million in the year-ago period.
