The ordinary general meeting of Cairo Oils and Soap Co. approved on Tuesday the board and auditor’s reports, as well as financial statements and profit/loss statement for the fiscal year that ended on June 30, 2014.
The company had logged EGP 33.488 million net loss in the fiscal period from July 1, 2013 till June 30, 2014, narrowing 17% from EGP 40.369 million in the same period a year earlier. Board members were discharged from liability for the same period.
Meanwhile, the extraordinary general meeting (EGM) endorsed continuing as a going concern.
Shareholders proposed increasing capital from EGP 60 million to EGP 80 million, with the aim of bolstering the company’s ability to buy raw materials at lower prices, which will reduce production costs, in addition to repaying part of bank loans.