Bitumode Says Net Profit 70.1% Down, H1/2012

Modern Company For Water Proofing – Bitumode (WATP.CA) reported a net profit of EGP 1.914 million during the first half of 2012, 70.1% down from a year earlier net profit of EGP 6.405 million.

Bitumode’s sales during H1/2012 fell to EGP 85.717 million, compared to EGP 92.207 million a year earlier.

Gross profit – after excluding the cost of sales – dropped to EGP 8.231 million in H1/2012, compared to EGP 13.907 million through H1/2011.

Operating profits – after excluding administrative and other expenses – dipped to EGP 6.219 million, compared to EGP 11.403 million.