Cairo – Mubasher: United Arab Stevedoring said it froze the investment budget of the fiscal year 2017 – 2018 until the availability of financing sources.

The firm also state that it had cut the amount of investments to be injected in the current fiscal year from EGP 100 million to EGP 20,000, while put it on hold until the availability of financing sources either through capital hike, entering a partnership or any other sources.

Moreover, the company said if it secured the financing source then it will direct the available cash towards buying new equipment worth EGP 104.257 million.

The listed firm mentioned that it seeks to achieve revenues and profits up to EGP 32.4 million and EGP 1.3 million respectively in FY2017 – 2018.

United Arab Stevedoring suffered losses of EGP 6.7 million in the first quarter of FY 2016 – 2017.