Egypt’s food provider Edita reports 85% fall in Q2 profits

Big 5

Egypt’s snack food maker Edita reported Thursday a 85.3 percent drop in profits to reach 7.05 million Egyptian pounds ($394.700) during the three months ended in June 2017.

Earlier, profits stood at 48.09 million pounds during the three months ended in June 2016.

Sales jumped to 611.6 million  pounds in the second quarter of 2017, compared with 550.2 million pounds during the same period in 2016.

Consolidated profits fell by 37% to 54.8 million, compared to 87.2 million pounds.

Meanwhile, standalone net profits slipped to 16.66 million from  47.74 million pounds.

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