Rana Mamdouh _ Egyptian Electric Cables Company announced that meter supply orders have been awarded to Giza Power Industry Company—a subsidiary 99.99% owned by it—in favor of the Egyptian Electricity Holding Company's subsidiaries.
Egyptian Electric Cables stated, in its disclosure sent to the Egyptian Exchange (EGX) today, that the value of these orders amounted to EGP 886.094 million, exclusive of Value Added Tax (VAT).
It is worth noting that Egyptian Electric Cables turned from profitability to loss in the first half of the current year, recording a consolidated net loss of EGP 201 million, compared to profits of EGP 486 million in the corresponding period last year, taking minority interests into consideration.
The company's revenues declined to EGP 4.3 billion during the same period, compared to EGP 6.4 billion in the corresponding period last year.
