The board of General Co. for Paper Industry (Rakta) endorsed on Wednesday the financial results for the first quarter of the fiscal year 2014/2015, showing that net loss deepened 172% to EGP 15.990 million, from EGP 5.874 million logged in the same period a year earlier.
Financial results for August, 2014 had mirrored EGP 6.8 million net loss; thus total loss for the period from July 1 till August 31, 2014, reached EGP 13.4 million. The paper manufacturer had posted EGP 22.7 million net loss for FY13/14, compared with EGP 22.6 million a year earlier.
Financial results for the fiscal year that ended on June 30, 2014 showed that net loss narrowed 8.8% to EGP 20.6 million, from EGP 22.6 million a year earlier.
The company’s financial indicators for the 11-month period that ended on May 31, 2014 had reflected EGP 19.2 million net loss. Meanwhile, Rakta logged EGP 4 million loss in May.
Rakta had posted EGP 13.6 million net loss for the first nine months of FY13/14, narrowing 28% from EGP 19 million in the same period a year earlier.
It also reported EGP 9.7 million net loss for H1-13/14, narrowing 59% from EGP 16.41 million in the same period a year earlier.