Cairo – Mubasher: Modern Waterproofing Co. (Bitumode) posted a drop in its unconsolidated profits of 49% in the first quarter of 2016, according to a bourse statement.

The company registered a net profit of EGP 1.92 million ($215,000) compared with EGP 3.76 million profits ($491,000) for the year-ago quarter.

Over the fiscal year 2015, the company logged EGP 85 million losses.