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Egypt's Lecico posts Q4 loss after one-off provision Ceramics maker sees net losses of over LE35 million after it takes loan to protect the falling value of its assets
Egyptian ceramics maker Lecico said on Thursday it made a LE35.4 million net loss in the fourth quarter, reversing its net profit from a year earlier. The audited consolidated figure compares to a net profit of LE11.1 million in the fourth quarter of 2010. Lecico said the loss came after it took a LE47.6 million provision in the quarter "for write offs against the likely deterioration in the quality and value of working capital assets in general and inventories in particular."