Cairo – Mubasher: The consolidated financial statements of the Industrial Engineering Company for Construction and Development (ICON) reported net profits of EGP 22.66 million in the first quarter of 2020, down by 56.8% year-on-year (YoY) from EGP 52.571 million, including minority shareholders’ rights.
The company’s revenues dwindled to EGP 345.25 million in the January-March period, compared to EGP 523.24 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday.
As for standalone business, ICON turned to net losses of EGP 3.85 million in Q1-20, against net profits of EGP 6.84 million in Q1-19.
It is noteworthy to mention that in 2019, the company achieved net profits of EGP 150 million, down from EGP 374.56 million in the prior year.
