Electro Cable Egypt reports losses of EGP18 mn in 3Q16
Electro Cable Egypt [ELEC.CA] has just reported its 3Q16 financial results, with losses of EGP18mn (vs. earnings of EGP4mn in 3Q15, and net loss of EGP7mn in 2Q16). Gross profit came in at EGP18mn (+88% Y-o-Y, +18% Q-o-Q), while revenues came in at EGP204mn (+19% Y-o-Y, +16% Q-o-Q). The decline in earnings is driven mainly by higher salaries and wages cost, and FX losses. (Company disclosure)
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