Foodmaker Edita H1 net profit falls to 87.261 mln Egyptian pounds

Big 5

Egyptian foodmaker, Edita (EFID.CA) reported a 40 percent y-o-y decline in first half profits.

Net profit reached 87.261 million Egyptian pounds ($9.8 million) during the first half of 2016, compared to 148.258 million pounds in the same period in 2015, the firm said in a statement on Tuesday.

Sales for the first half of 2016 stood at 1.068 billion pounds, a 2.4 percent higher from 1.043 billion pounds last year.

Net profit for the second quarter net profit recorded 48.1 million pounds, down from 66.9 million last year. Sales for the second quarter at 550.2 million pounds versus 514.8 million last year.