Cairo – Mubasher: Rakta Paper Manufacturing on Monday said that its board has approved the proposed budget estimate for fiscal year 2017/2018, which targets a reduction in losses by 19.52%.

The board aims to trim the company’s net losses to EGP 23.54 million in FY17/18, compared to a targeted loss of EGP 29.2 million in the current fiscal year, according to a filing to the Egyptian Exchange (EGX).

The Egypt bourse-listed company is also targeting producing 50,000 tonnes of carton paper at a total value of EGP 378.8 million and selling it for the same value.

Rakta said it set the exchange rate of the US dollar against the local currency at EGP 19.

The company last reported a surge in its net losses for FY16/17 by 78.9% to EGP 22.42 million.

Its losses fell 24.3% in January 2017 to EGP 5.9 million.

Rakta’s stock ended Monday’s session in the red on the EGX, falling 2.58% to EGP 3.40.