Egyptian International Pharmaceutical Industries Co. (EIPICO) has announced solid net profits for the first quarter of 2011 with its improved margins balancing modest sales growth. EIPICO's total venues came in at LE305.89 million, up 0.9 per cent year-on-year, with net profits reaching LE98.72m, up 5.7 per cent on 1Q2010. A note from Beltone Financial said that, while 1Q2011 didn't see sales growth, EIPICO's consistent financial performance and margins were encouraging. The investment bank said EIPICO's net profit growth outpaced its sales growth due to a slight improvement in gross profit margins and a steep fall in selling, general and administrative expensives (SG&As). The latter came in at LE6.29m in 1Q2011, down 38 per cent on the same period in 2010.