East Delta Mills net income falls 25 percent
Egyptian milling company, East Delta Mills (EDFM), reported a 25.3 percent drop in its net profits for the nine-month period, which ended March 31, 2002. The company’s bottom line was set at 17.81 million Egyptian pounds ($3.85 million), down from EP23.86 million during the corresponding period the pervious financial year.
The net profit decline was largely attributed to a seven percent increase in the cost of goods sold (COGS) reaching reached EP317.27 million. The company’s gross profit thus fell 18 percent to EP25.69 million. The drop in net income came despite a 4.3 percent increase in sales revenues that were recorded at EP342.96 million, according the company’s financial statements. — (menareport.com)
© 2002 Mena Report (www.menareport.com)