Cairo – Mubasher: The consolidated financial statements of Paint and Chemicals Industries (Pachin) recorded an 81.9% year-on-year profit drop during fiscal year 2018/2019.
Net profits tumbled to EGP 16.77 million in the twelve-month period ended 30 June, compared to EGP 93.08 million a year earlier, the company said in a filing to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, sales retreated to EGP 925.35 million from July 2018 to last June, compared to EGP 1.03 billion in FY17/18.
As for standalone business, Pachin logged a net profit of EGP 65.08 million in FY18/19, down from EGP 75.61 million in the previous fiscal year.
It is noteworthy that during the first nine months of FY18/19, the EGX-listed firm’s net profits amounted to EGP 11.34 million, compared to EGP 76.89 million in the year-ago period.
Source: Mubasher
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