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Alexandria Flour Mills BoD okays 37.6% profit decline

Alexandria Flour Mills Company (AFMC) announced in a statement sent to EGX, the Board of Directors (BoD) was held on January 22.
The companys BoD approved unaudited financial results for the fiscal period ending December 2018, which revealed posting tax profits of LE16.8 million, versus net profits of LE26.96 million a year earlier, representing 37.61% decline.
It stated that the decline in profits backs to apply new mechanism in milling in exchange for 82% of flour milling cost, in addition to dropping the flour amount 82% compared to the last year. Moreover, the Company endured the price raising of utility bills.



Time Added: 2019-01-23 12:48:36
Source: arabfinance
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