Cairo – Mubasher: North Cairo Mills posted a 61.3% year-on-year profit retreat during fiscal year 2018/2019.
Net profits stood at EGP 20.71 million from July 2018 to last June, compared to EGP 53.6 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
The profit decline was attributed to several reasons, including higher costs of milling wheat, the statement added.
Meanwhile, revenues rose to EGP 822.98 million in FY18/19 from EGP 785.6 million in FY17/18.
During the first ten months of FY18/19, the company’s net profits retreated to EGP 24.24 million from EGP 66.58 million in the prior-year period.
