Cairo – Mubasher: Misr Fertilizers Production Co (Mopco) on Sunday reported a 33% year-on-year fall in consolidated profits for the first quarter of 2018, recording a net profit of EGP 262.1 million from EGP 393.7 million.

Revenues shrank by 11% to EGP 1.98 billion in the three-month period ended last March, versus EGP 2.2 billion the year-ago period, Mopco said in a filing to the Egyptian Exchange (EGX).

Mopco had posted a 23% year-on-year decline in standalone profits for Q1-18 with a net profit of EGP 323.05 million, compared to EGP 418.25 million in Q1-17.

The unaudited financial statements of Mopco had shown a 4.9% drop in profits for the full-year 2017, recording EGP 674.8 million from EGP 709.93 million in 2016.