Corporate news: Cairo
The Holding Company for Housing, Tourism and Cinema held a meeting yesterday, November 28, to discuss investors’ bids for a 50 percent stake of Misr Hotels -Hilton (MHOT.CA), which represents the HC's entire stake in the company. The meeting disclosed that investors are trying to form a consortium to finance the deal.
International Electronics –Bahgat (INEC.CA) reported consolidated 9-month FY2000 results, in which net income after minority interest plunged 87 percent to LE5.1 million compared to LE39.2 million in the 9-month period of FY99. However, revenues surged 45.8 percent to LE318.6 up from LE218.6 million in the 9 months of FY99.COGS/Revenue increased to 79.3 percent versus 62.6 percent in the same period last year.
In addition, selling and marketing expenses increased 1.5x to LE18.5 million versus LE12.1 million. Interest expense jumped 79.2 percent to LE28.5 million compared to LE15.9 million in the comparable period last year, mainly attributable to the significant increase in bank overdraft which surged 83.3 percent to LE494.6 million compared to LE269.8 million in the 9 months of FY99. ― (Prime Egypt)
© 2000 Mena Report (www.menareport.com)