Cairo – Mubasher: The unaudited financial results of Middle Egypt Flour Mills reported an 11% year-on-year profit decline in its net profits during the first half of fiscal year 2019/2020.

Net profits fell to EGP 47 million during the six-month period ended 31 December 2019, compared to EGP 52.8 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Revenues plummeted to EGP 266.16 million in H1 of FY19/20 from EGP 692.7 million in the same period a year earlier.

It is worth mentioning that during the first quarter of FY19/20, the company posted net profits of EGP 25.85 million, compared to EGP 28.85 million in the year-ago period.