Cairo Pharmaceuticals records 15 percent profit drop for fiscal year 2002/2003
Cairo Pharmaceuticals reported a 15 percent net profit drop for fiscal year 2002/2003, posting results of 29.7 million Egyptian Pounds ($4.8 million) compared to EP 34.8 million during the same period last year, reported TAIB Securities.
The company attributes the decrease to a five-fold increase in expenses totaling four million Egyptian pounds for the year. Interest expenses doubled, investment income dropped by 61 percent and administrative expenses increased by nine percent.
Cairo Pharmaceuticals planned to hold its Ordinary General Assembly on Monday September 15 to approve the financial statements for the fiscal year ending June 30, 2003. — (menareport.com)
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