The Misr Chemical Industries Company announced this week its first quarter results for the financial year 2002, ending September 2001. The company’s net income surged 47.4 percent to record 6.7 million Egyptian pounds ($1.46 million) compared to EP4.6 million in the corresponding three-month period of FY01, reported the Cairo & Alexandria Stock Exchange, CASE.
The company announced that an explosion that took place in October in the company’s main plant, which produces some 80 percent of total output. Company officials said that although the plant was brought back into operation in a few days’ time, it is still operating at 25-30 percent of its total capacity, until the company imports the necessary parts for repairs.
The company reported unaudited net profits of EP 3.3 million for the fourth quarter 2001, compared to EP 1.8 million for the same period last year. Misr Chemicals’ sales for the full FY01 totaled EP 86 million, up 11.8 percent from EP 76.9 million for FY00. The company’s net profits were EP 9.5 million, three percent higher than the EP 9.2 million achieved last year.
Established in 1956, the Alexandria-based joint stock company currently employs some 2,400 workers. The company has a 200,000-ton per year plant, which supplies caustic soda, liquid chlorine and sodium carbonate to the local industry for the manufacture of glass, aluminum and industrial cleaners. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
