Cairo - Mubasher: North Cairo Flour Mills reported a jump in profuts in the second quarter of fiscal year 2016-2017 by 217% year-on-year, as shown by the company’s financial statements.

According to the company’s statement to the Egyptian Exchange (EGX) on Tueday, profits reached EGP 8.34 million in the quarter that ended 31 December 2016 compared to EGP 2.63 million in the same period the year before.

Profits also surged by 101% in the first half of FY2016-2017 to EGP 15.54 million up from EGP 7.73 million in the same period in 2015.

The company also noted that exchange rates affected the financial results, as production costs increased by EGP 18 million, adding that the contractor of a recent project is demanding EGP 21 million in FX differences.