Cairo – Mubasher: Misr Refrigeration and Air Conditioning Manufacturing (Miraco) turned to losses in the fourth quarter of 2016 due to the flotation of the Egyptian pound, according to consolidated financial statements.

The company suffered losses of EGP 719.09 million in the three-month period which ended on 31 December 2016, against profits of EGP 27.05 million in the same period in 2016.

Losses reached EGP 560.36 million in fiscal year 2016, against profits of EGP 111.41 million a year earlier.

The flotation of the EGP had a negative impact on the company’s financials for FY16, the statement said, adding that foreign exchange rate losses reached EGP 1.26 billion.

The company’s stock fell 5.45% to EGP 51.50 by 11:00am Egypt time.