Egypt: Business news
Orascom Telecom -OT (ORTE.CA) posted a net loss of LE15.8 million in its 9-month FY2000 results ending September, compared to a LE66.1 million profit in 1H FY2000. Meanwhile, revenues reached LE1,497.2 million versus LE858.8 million in 1H FY2000. We will issue a detailed company update soon.
Eastern Tobacco (EAST.CA) released its 1H FY2000 results ending December, in which NPAT rose 1.2 percent to LE148.1 million compared to LE146.4 million in 1H FY99. Net sales surged 7.3 percent to LE1.05 billion compared to LE976.8 million in the year-ago period. COGS/Revenue improved to 70.8 percent compared to 72.4 percent. However, EAST’s cash position plummeted 84.2 percent to LE13.4 million compared to LE84.4 million in 1H FY99 due to increasing capital expenditures in the current period.
aic (AICR.CA) has been awarded a $36 million contract to deliver natural gas to the governarate of Fayoum. Nile Matches and Prefabricated Houses (NMPH.CA) reported FY2000 results ending September, in which NPAT decreased 45.5 percent to LE3.9 million compared to LE7.1 million in FY99. This decrease was due to a 10.4 percent drop in revenues to LE55.4 million. In addition, COGS/Revenues increased to 75.5 percent compared to 72.8 percent. The company will hold its ordinary general assembly on February 15 to approve FY2000 financial statements and a suggested dividend of LE1.25/share.
Suez Bag Company (SBAG.CA) will hold its ordinary general assembly on February 15 to approve a suggested dividend of LE20/share and FY2000 financial statements ending December, in which NAI edged 2.4 percent higher to LE14.9 million versus LE14.5 million in FY99. Revenue jumped 33 percent to LE62.6 million compared to LE47.1 million in FY99. COGS/Revenue increased to 76.5 percent from 70.2 percent in FY99.
Prime Securities S.A.E.
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