Canal Shipping Agencies reports 40% lower profits in H1-20/21
The company's revenues decreased to $1.45mln in H1-20/21
By Mubasher, Mubasher
Cairo – Canal Shipping Agencies reported a 40% drop in its net profits to EGP 97.08 million in the first half (H1) of fiscal year 2020/2021 from EGP 161.99 million in the year-ago period.
Lower net profits are attributed to a decline in the returns of its investments in Port Said Container and Cargo Handling and Damietta Container and Cargo Handling, in addition to the coronavirus (COVID-19) pandemic, according to a bourse filing on Monday.
The company's revenues decreased to EGP 22.88 million in the July-December period from EGP 33.81 million in the same period of the previous year.
It is noteworthy to mention that in the first quarter (Q1) of fiscal year 2020/2021, the company logged net profits of EGP 41.05 million, down by 68% year-on-year (YoY) from EGP 128.3 million.
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