Egyptian construction and real estate company United Housing and Development posted a 10 percent rise in its net profits for the first half of the financial year 2002. During the first six months of FY02, the company’s bottom line totaled 2.8 million Egyptian pounds ($608,695), up from the EP 2.57 million reported during the corresponding period the previous year.
The company recorded a 22 percent increase in revenues reaching EP 5.6 million. This coupled with an increase in cost of good sold lead to a three percent increase in gross profit, reaching EP 4.7 million. Total expenses increased by six percent to EP 2.3 million and other income dropped by seven percent to EP 860,000.
United Housing posted a 26 percent rise in its net profits for the first quarter of the financial year 2002. During the first three months of FY02, the company’s bottom line totaled 1.23 million Egyptian pounds ($265,000), up from the EP 980,000 reported during the corresponding period the previous year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
