Cairo – Mubasher: Delta for Construction and Rebuilding registered a drop of 38% in profits during fiscal year 2017 compared to the previous year.
Earnings shrank to EGP 3.5 million in FY17 from EGP 5.6 million in the prior fiscal year, according to a bourse statement on Sunday.
Revenues decreased to EGP 109.3 million in FY17 compared to EGP 160.4 million in FY16.
The decline in FY17 profits is attributed to delivering Delta Construction’s units in Nasr City, the statement added.
It is noteworthy that Delta Construction posted a drop in profits to EGP 4.5 million during the first nine months of 2017 compared to EGP 6.7 million in the same period in FY16.
