Cairo - Mubasher: Alexandria Portland Cement on Sunday reported a 112% year-on-year plunge in profits for the first half of 2017, despite higher sales, according to a filing bourse.

The Egyptian company’s losses amounted to EGP 192.61 million in the first six months ended June 2017 from of EGP 90.74 million in the corresponding period of 2016.

Consolidated sales rose to EGP 1.4 billion in H1-17, versus EGP 1.14 billion in H1-16.

The firm attributed the consolidated losses to an increase in electricity and oil prices, which led to higher costs of transportation, as well as the impact of Egyptian pound's devaluation, the implementation of the value-added tax (VAT), and the increase in finance expenses after the Central Bank of Egypt’s (CBE) raise of interest rates, in addition to foreign exchange losses from the Euro loan.

Standalone losses rose 20% to EGP 164.7 million in H1-17 from EGP 137.6 million in H1-16.

The company’s losses amounted to EGP 30 million in the three months ended March 2017, compared to EGP 107 million in the same period of the year before.

By 2:18 am Cairo time, Alexandria Portland Cement stock’s slipped 0.23% to EGP 8.8.