The Cairo Oil and Soap Company recorded a 68 percent drop in net profits during the first quarter of 2003/2004 reaching 450,340 Egyptian pounds ($73,077) compared to EP 1.4 million during the same period last year.
Company revenues increased by 27 percent to EP 74 million while the cost of goods sold (COGS)/revenue rose from 95.6 percent to 97.7 percent, resulting in a 35 percent decrease in gross profit to EP 1. 7 million. Other revenues increased 25 percent to EP 51,733 while administrative expenses rose 34 percent to EP 1.2 million and interest expense rose 54 percent to EP 1.3 million.
Established in 1967, the Cairo Oil and Soap Company specializes in extracting oils from cotton, soya bean and sunflower seeds and production of washing soap. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
