Edita profits slump 85%, revenues up 11% in Q2

CAIRO – 27 July 2017: Edita Food Industries’ profits dropped 85.3 percent to LE 1.7 million ($94.972) in the second quarter of 2017, down from LE 41.6 million in Q2 of 2016, a Thursday statement said.

Revenues increased 11.2 percent to LE 611.6 million in Q2 of 2017, up from LE 550.2 million in the year-ago period.

The company attributed the decline in its profits to the inflationary pressures on the costs structure, in addition to the notable increase in the financial expenses, amid the challenges in the economic situation.

Sales reached 15,400 tons in Q2 of 2017, with a 40.1 percent decline from 15,600 achieved in the same period of the previous year.

Gross profit fell 7.1 percent year-on-year to LE 190 million in the second quarter of this year, while it stood at its rate with no notable change in the first half of the year at LE 413 million, the statement added.

Operating profits, before deducting taxes, interests, depreciation and consumption, leveled down 18 percent to LE 141.3 million in the first six months of 2017, while they declined 25.3 percent to LE 42.9 million in the second quarter of this year.