Cairo – Mubasher: United Arab Stevedoring's losses widened 25.25% to EGP 6.1 million in the second quarter of the fiscal year 2016/17 from EGP 4.87 million in the year-ago period.

The company's losses increased 10.8% to EGP 12.8 in the first half of FY, compared to losses of EGP 11.56 million in the prior-year period.

Revenues hiked 53% to EGP 5.28 million in H2 from EGP 3.4 million in the same period of the previous year.

United Arab said that its financial statements negatively affected by the devaluation of the Egyptian Pound and its losses rose by around EGP 1.25 million in the first half of the fiscal year.

Higher machinery maintenance costs and spare parts prices contributed to a 125% increase in losses, according to a bourse filing.