Egypt Post targets $39.4 mln surplus by end of FY2016-17

Egyptian postal authority, Egypt Post says hopes to record a financial surplus of 350 million Egyptian pounds ($39.4 million) by the end of the financial year 2016-2016.

Egypt Post earlier announced making surplus of 650 million pounds throughout the first 9 months of the financial year 2015-2016 ended last March.

Accordingly, the new budget for this year is set at 38.36 billion pounds, Egypt Post said in a statement on Tuesday.

Expenditures in the new budget account for 20 billion pounds involving 2.5 billion pounds for salaries and bonuses and 17.5 million pounds for other purposes.

As for revenues, they were estimated at 20.35 billion pounds making a 350 million pounds surplus that will be sent to the next financial year.