Cairo – Mubasher: Upper Egypt Flour Mills reported a 19.9% year-on-year profit retreat during the first half of fiscal year 2019/2020, the company’s unaudited standalone financial results showed.
Net profits dipped to EGP 60.74 million in the July-December period of 2019, compared to EGP 75.86 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX) on Sunday.
In the meantime, revenues went down to EGP 358.5 million in the six-month period ended 31 December 2019 from EGP 363.53 million in the corresponding period a year earlier.
It is noteworthy that during the first quarter of FY19/20, the company’s consolidated financial results showed a net profit of EGP 31.428 million, compared to EGP 38.29 million in the year-ago period.
