Cairo – Mubasher: The losses of Suez Cement deepened by 310% during the fourth quarter of 2016 as compared to the same period in the previous year.

Losses increased to EGP 616.2 million in Q4-16 from EGP 150.3 million, according to a bourse statement issued on Wednesday.

During fiscal year 2016, losses totalled EGP 629.3 million which was 524.55% higher than EGP 100.76 million in FY15.

The standalone financials reported losses of EGP 215.59 million in FY16 versus a profit of EGP 361.89 million in the previous fiscal year.

Suez Cement noted that foreign currency translation losses stood at EGP 271.64 million.