Cairo – Mubasher: Egyptian Transport and Commercial Services Co (Egytrans) on Tuesday reported a 60% year-on-year decline in consolidated profits for the first half of 2018.
Net profit narrowed to EGP 24.9 million in the six-month period ended June, from EGP 61.5 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX).
Sales retreated to EGP 124.12 million in H1-18, versus EGP 227.18 million in the same period last year.
The company attributed the drop in net profits to a decrease in projects’ activities.
Moreover, Egytrans logged EGP 29.15 million in standalone profits for the January-June period, against EGP 53.11 million in profits for H1-17.
Egytrans previously posted a net consolidated profit of EGP 13.8 million for the three-month period ended March, compared to EGP 20.25 million in Q1-17.
