Eastern Company reported its 3Q2015/16 KPI’s with headline earnings of EGP271mn, growing 6% Y-o-Y (-39% sequentially) and missing our forecast by 43% (we expected to see strong growth as the comparable quarter last year was deflated by EGP150mn in provisions). However, we expect that earnings growth was likely deflated by provisions, FX losses and/or other one-offs. Revenue for the quarter grew 5% Y-o-Y on volumes as there was no price-increase impact and was broadly in line with our forecast (-3%). During 9M2015/16 earnings increased 28% Y-o-Y to EGP1,080mn. (Nada Amin, Hatem Alaa, company disclosure)