Cairo – Mubasher: Shorouk for Modern Printing and Packaging posted an 85.8% year-on-year decline in its consolidated profits during the first quarter of 2019.
Net profits stood at EGP 2.83 million in the January-March period of 2019 from EGP 19.96 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
Year-on-year, sales fell to EGP 397.22 million in the three-month period ended 31 March, compared to EGP 401.46 million.
As for standalone business, the company logged a profit of EGP 15.37 million in Q1-19 from EGP 20.78 million in Q1-18.
The company ascribed the Q1 profit retreat to the increase in costs of sales on the back of higher prices of raw materials and production requirements.
For the full-year 2018, the company’s profit slid to EGP 24.08 million, compared to EGP 35.38 million in the previous year, pressured by the 3.4% year-on-year growth in costs of sales.
Sales rose to EGP 1.45 billion last year from EGP 1.26 billion in 2017.
As for standalone business, the company’s profits dipped 38.3% to EGP 70.5 million in 2018, compared to EGP 114.3 million a year earlier.
