Quarterly Profit Tumbles at Egypt’s Eastern Company

Eastern Company (EAST.CA), Egypt’s top cigarette maker, posted a 41.5 percent drop in net profits for the three months to end-September on Thursday.

Eastern said in a statement it made a net profit of 96.86 million Egyptian pounds ($14 million), down from 165.45 million pounds in the same period last year.

However, revenue fell just 4.9 percent to 1.17 billion pounds, the company said. ($1=6.8898 Egyptian pounds)

Source: Reuters

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