Egypt’s Middle East Glass Manufacturing 9-month profits rise to 65 mln pounds

Egypt’s Middle East Glass Manufacturing Company (MEGM) revealed Sunday that it turned into profitability, recording 65 million Egyptian pounds ($3.7 million) during the first nine months of 2017.

The company incurred net losses estimated at 103 million pounds during the first nine months of 2016.

Standalone losses increased by 21.6 percent during the first nine months of 2017, due to the high cost in sales.

Middle East Co.’s losses jumped to 19.76 million pounds, compared with 16.25 million pounds.

Sales rose to 317.64 million pounds from 175.45 million pounds.

During the second quarter of 2017, the company turned into profits, achieving 1 million pounds versus 25.65 million pounds during the same period a year earlier.