Electro Cables Company reports losses of EGP50mn in 4Q16
Electro cables company [ELEC.CA] has just reported its 4Q16 results, showing a loss of EGP50mn (vs. profit of EGP5mn in 4Q14/15 and a loss of EGP18mn in 3Q16). Revenues came in at EGP247mn (+9% Y-o-Y, +21% Q-o-Q), while the company incurred a gross loss of EGP12mn (vs. gross profit of EGP20mn in 4Q15 and gross profit of EGP18mn in 3Q16). The company noted that it had incurred a full-year FX loss of EGP15mn, including EGP8mn in 4Q16 alone.
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