Cairo – Mubasher: Rakta Paper Manufacturing said Sunday that it has adjusted its estimated budget draft for fiscal year 2017/2018 with a target loss of EGP 22.04 million, 24.5% lower than estimated losses worth EGP 29.2 million for FY16/17.

Sales are targeted at EGP 379.9 million in the next fiscal year, compared to EGP 99.4 million in FY15/16, according to a bourse filing.

The company set the investment budget at EGP 18.73 million for FY17/18.

Earlier in February, Rakta said that it seeks to trim its losses to EGP 23.54 million.