The Egypt Gas company, also known as the Natural Gas and Mining Project, reported a 9.5 percent fall in its bottom line in the first six-months period of financial year 2002. Between January and June 2002, the company’s net income reached 91.9 million Egyptian Pounds ($20 million), versus EP101.5 reported for the corresponding period the previous year.
The disappointing performance was mainly attributed to a 15.1 percent drop in the company’s revenues, which totaled EP212.6 million in first half 2002, down from EP250.5 million in 1H01. The state-owned company deals with the installation of natural gas pipelines in Egypt. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
