Cairo-Mubasher: Port Said Agricultural Development denied press news about swinging to profitability in 2016, according to a bourse statement posted on Tuesday.

The company added that it is committed to the disclosure regulations, confirming that it does not have any significant events to unveil.

The stock resumed trading after being halted to verify the news published on a local gazette.

The newspaper cited the managing director as saying that his company plans to add a new business to swing to profitability next year.

The EGX-listed firm incurred losses of nearly EGP 77,000 in the first nine months of 2015.