Cairo - Mubasher: Wadi Kom Ombo Land Reclamation reported a decrease of 21.8% in the net profits of the first quarter of 2017.

Net profits reached EGP 527,100 in Q1-17 compared with net profits of EGP 674,200 a year earlier, according to a bourse filing on Thursday.

The company's revenues retreated 64.8% to EGP 5.03 million in Q1, down from EGP 14.3 million for the year-ago period.

The firm saw net profits surged 900% to EGP 5.025 million in fiscal year ended on 30 June 2016.

The stock stood at EGP 6.15 in today’s trading.