EARNINGS WATCH- Cheese manufacturer Domty’s net profit plunged 80% y-o-y to EGP 25.6 mn in 2016 as the company posted an EGP 29 mn loss in the fourth quarter, according to its earnings release. Revenues grew by 22% y-o-y to EGP 1.7 bn last year. Results in 4Q16 were affected by the EGP float and the interest rates hike, Vice Chairman Mohamed El Damaty. Domty also announced it used EGP 105 mn from the proceeds of its capital increase to expand distribution, a new factory, and to acquire bakery and Roumy cheese production lines, Al Borsa reports, and says it is thinking about moving into Ethiopia.

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