Cairo – Mubasher: The net profits of Heliopolis Company for Housing and Development inched down to EGP 372.79 million in fiscal year 2019/2020 from EGP 376.39 million a year earlier, the financial indicators showed.
The property developer’s revenues retreated to EGP 1.099 billion in the year ended 30 June from EGP 1.22 billion in the prior year, according to a bourse filing on Tuesday.
In a separate statement, the company attributed the profit drop to the recession that hit several economic sectors and dampened the demand.
During the first nine months of FY19/20, the real estate firm logged net profits of EGP 379.59 million, up from EGP 39.59 million in the corresponding period a year earlier.
