CAIRO: Egypt’s cigarette monopoly Eastern Co forecasts a drop in net profit in fiscal year 2011-12, a statement from the firm showed on Wednesday.
Eastern, whose brands include Cleopatra, said it expected net profit to reach LE 650 million ($109 million) in its next financial year, 29.7 percent less than the figure it previously forecast for 2010-11, which ends in June.
Eastern, which also makes higher-margin foreign brands for multinationals such as British American Tobacco and Philip Morris, has forecast net profit of LE 925 million pounds in the current year.
The company said earlier this month its net income fell 37.4 percent year-on-year to LE 253.5 million in its first half through December.
