Cairo – Mubasher: Edita Food Industries on Thursday posted a 85.3% year-on-year drop in profits for the second quarter of 2017 due to higher cost of sales.
In the three months ended June 2017, the firm achieved profits of EGP 7.05 million down from EGP 48.09 million in the corresponding period of 2016, according to a bourse filing.
Meanwhile, Edita’s sales grew to EGP 611.6 million in Q2-17 from EGP 550.2 million in Q2-16.
On the other hand, the cost of sales rose to EGP 421.4 million in Q2-17 from EGP 345.5 million in the year-ago period.
In the first half of 2017, Edita's consolidated profits, including minority shareholders' rights, dropped 37% to EGP 54.8 million, compared to EGP 87.2 million in H1-16.
The Egyptian food company achieved standalone net profits of EGP 16.66 million in H1-17, versus EGP 47.74 million in H1-16.
Edita previously logged EGP 47.83 million in profits in the three months ended March, up from EGP 39.16 million in the same period of the year before.
