Cairo – Mubasher: General Company for Land Reclamation, Development and Reconstruction (AALR) announced turning to losses during fiscal year 2018/2019, the company’s modified unaudited financial results showed.

The company incurred net losses of EGP 29.51 million from July 2018 to last June, against a profit of EGP 5.04 million in the prior-year period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Revenues retreated to EGP 59.16 million in FY18/19, compared to EGP 108.77 million in FY17/18.

The company previously announced that its financial indicators showed a net loss of EGP 21.6 million in FY18/19, versus a profit of EGP 5.04 million in FY17/18.

The higher-than-expected losses were attributed to an increase in expenses, the company said.

During the first nine months of FY18/19, the company turned to losses of EGP 2.12 million, compared to a net profit of EGP 6.38 million in the year-ago period.