Cairo – Mubasher: South Cairo and Giza Flour Mills and Bakeries' (SCFM) financial indicators showed a shift to profitability during February 2017 and on an annual basis.
The Egyptian company achieved a surplus of EGP 5.03 million in February, versus losses of EGP 2.01 million during the same period last year, according to a statement to the bourse.
SCFM had also turned to profitability in January 2017, with net profits amounting to EGP 4.51 million.
The flour mills company posted profits of EGP 9.6 million during the first half of fiscal year 2016/2017, against losses of EGP 10.26 million last year.
The Egyptian pound's devaluation, SCFM added, resulted in an increase in all production requirements costs by nearly EGP 3 million, noting that all its activities are in Egyptian pounds, and business results were not affected by the exchange rate change.
SCFM’s stock declined 3.58% by 11:10 Cairo time in Thursday’s session to EGP 18.02.
