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Rana Mamdouh
The Board of Directors of North Cairo Mills & Bakeries Company approved the financial statements for the fiscal year ended June 30, 2019 at its meeting on July 22, 2019, with a 66% decrease in its earnings compared to at the corresponding period.
The company said in a statement today that it had achieved a pre-tax net profit from its potential continuing operations of 24.626 million pounds in the period from July 2018 to the end of June 2019, compared to £ 72.505 million for the corresponding period.
North Cairo Mills and Bakeries attributed the decline in profits to the significant and growing increase in the burden of operating electricity, filler materials, spare parts, fuel taxes. , oil and real estate, as well as the inevitable rise in wages every year.
She added that among the reasons for this decline, there was also a decline in the withdrawal of flour quotas, which accounted for 82% of the number of rationing cases, due to lower consumption in urban areas than in rural areas.
She pointed out the high cost of grinding the ton of wheat (82%) from the ration of 480 pounds to 620 pounds, as well as lower prices for the sale of sound compared to the prices of the General Authority for supply products, due to the stagnation of the sound sales market and its integrity.
While revenues during the same period reached 822.982 million pounds, against 785.680 million pounds during the same period.
Total profit decreased to £ 107.956 million for the year ended June 2019, compared to £ 167.973 million in the corresponding period.
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