Lecico posts Q4 loss after one-off provision

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CAIRO: Egyptian ceramics maker Lecico said on Thursday it made a LE 35.4 million ($5.87 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 LE 11.1 million in the fourth quarter of 2010.

Lecico said the loss came after it took a LE 47.6 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."

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