Cairo – Middle East Glass Manufacturing Co reported an 85% year-on-year (YoY) decrease in its net profits, logging EGP 19.08 million during the first half (H1) of 2020, compared to EGP 127.9 million, including minority shareholders’ rights.

The company’s sales declined to EGP 719.2 million in the January-June period from EGP 889.2 million in the same period in 2019, according to a bourse disclosure on Tuesday.

In addition, the standalone financial results showed net profits of EGP 1.3 million in H1-20, down from EGP 50.8 million in H1-19.

During the first three months of 2020, the company’s net profits fell to EGP 31.07 million from EGP 98.53 million in the prior-year period, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.