Cairo – Mubasher: Misr Chemical Industries’ stock rose on Monday to its highest level in 19 months, or since 16 June 2015, after the company reported a profit from currency exchange differences after the floatation of the Egyptian pound against the US dollar.
By 12:08pm Cairo time, the stock gained 2.87%, reaching EGP 5.01, with a turnover of EGP 787,860.
Earlier today, the chemical industries company posted foreign exchange earnings of EGP 4.8 million in the first half of the fiscal year 2016-2017.
Profits for the first half of the fiscal year 2016-2017 reached EGP 1.78 million, falling 84% from EGP 11.12 million from the same period a year ago, according to the company’s unaudited financial statements.
Revenues declined 22% in H1-16/17 to EGP 66.01 million from EGP 84.22 million for H1-15/16, according to the bourse filing.
Misr Chemical Industries also reported suffering a loss of EGP 1.04 million in the second quarter of its fiscal year.
