Cairo – Mubasher: The consolidated financial statements of Middle East Glass Manufacturing Co showed net profits of EGP 31.07 million in the first quarter of 2020, down by 68.4% year-on-year (YoY) from EGP 98.53 million, including minority shareholders’ rights.
The company’s sales retreated to EGP 422.4 million in the January-March period, compared to EGP 454.22 million in the year-ago period, according to a bourse disclosure on Thursday.
As for standalone business, the company turned to net losses of EGP 5.22 million in Q1-20, against net profits of EGP 54.09 million in Q1-19.
It is worth mentioning that in 2019, the glass manufacturer logged net profits of EGP 157.55 million, down from EGP 250.17 million in 2018.
