ArabFinance: Electro Cable Egypt (ELEC) posted a 91% Year on Year fall in its net consolidated profit in Quarter one (Q1) of 2020, according to a June 10th financial statements filed to the Egyptian Exchange.

Consolidated net profit reached EGP 5,268,959 in Q1 2020, compared to EGP 65,162,674 achieved in the corresponding period.

Standalone net profit stood at EGP 870,824 in Q1, a 93% decline from EGP 13,446,400 posted in Q1 2019.

The company's extraordinary general assembly decided not to substitute its land totalling 10,000 square meters (sqm) with Al Qalyubia governorate’s 9,943-sqm land.

Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad. Its product portfolio includes low, medium and high tension power cables, isolated cables, and telephone communication cables.

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