Egyptian construction and real estate company United Housing and Development 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.
The profit boost was attributed mainly to a 29 percent rise in sales, which totaled EP1.74 million between January and March-end 2002. Gross profit thus climbed 26 percent to reach EP1.7 million. These upward trends were counterbalanced by a 23 percent interest income drop to EP0.36 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
