Cairo – Mubasher: The General Co. for Paper Industry (Rakta) is taking corrective measures to double production and improve its financial structuring.

The move came after the company logged losses for two successive years, leading to a drop in shareholders’ equity by 90% of paid-in capital.

The company logged EGP 50.2 million ($6.4 million) net loss for the fiscal year 2014/15, an increase by 121% from EGP 22.71 million ($2.9 million) a year earlier, the company said in a bourse filing Wednesday.

The company’s full-year revenues retreated to EGP 92.8 million, from EGP 122 million in FY13/15.