Cairo – Mubasher: Heliopolis Company for Housing and Development on Tuesday posted a 12.9% year-on-year drop in profits in fiscal year 2016/2017, according to a bourse filing.
The firm achieved profits of EGP 348.8 million in the fiscal year ended June against EGP 400.6 million in the corresponding period of the year before.
In the nine months ended March 2017, the Egyptian company’s profits plummeted 51.6% to reach EGP 135.8 million against EGP 280.4 million in the same period last year.
The company’s revenues soared 45% to EGP 953.3 million in the fiscal year ended June from EGP 657.5 million in the previous fiscal year.
The board of directors of the company decided not to distribute a shareholders’ stake of EGP 296.6 million and to transfer it to the retained earnings to be presented to the general assembly, the statement added.
The company achieved profits of EGP 374 million in the eleven months ended May 2017, with an increase of EGP 74 million from the target for FY16/17.
By the end of Monday’s trading, Heliopolis Housing’s stock shed 0.19% to EGP 26.04, with a turnover of EGP 5.5 million.
