Cairo – Mubasher: Misr Chemical Industries reported a 64% decrease in profits during the first quarter (Q1) of fiscal year (FY) 2019/2020.
Profits reached EGP 8.9 million in the three-month period ended September 30, compared with EGP 24.6 million for the same period last year, the company said in filing to the Egyptian Exchange (EGX).
The company attributed the decline in profits to selling prices falling by 30% due to strong market competition in local and foreign markets, as well as increased costs.
Quarterly financial results also showed that revenues decreased to EGP 78.3 million from EGP 96.06 million for the same period in FY 2018/2019.
