Cairo – Mubasher: Arafa for Investment and Consultancies (AIVC) reported a 13.1% year-on-year decline in its profits during the first quarter of fiscal year 2019/2020, the company’s consolidated financial results showed.
Net profits retreated to $1.635 million from February to April, compared to $1.881 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
Year-on-year, revenues slid to $49.268 million in the three-month period ended 30 April from $55.638 million.
Gross profits fell to $18.277 million in Q1 of FY19/20 from $21.715 million in the corresponding period a year earlier.
As for standalone business, the company’s net profits rose to $2.028 million in Q1 of FY19/20, compared to $1.878 million in the prior-year period.
During FY18/19, the company’s net profits plunged by 56% year-on-year to $3.08 million from $7.03 million.
Year-on-year, revenues declined to $236.5 million in the February-January period of FY18/19, compared to $239.93 million.
