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EGAS losses rise to EGP 53.5m in H1-17

EGAS losses rise to EGP 53.5m in H1-17
Revenues increased to EGP 675.8 million in the first six month of 2017 from EGP 638.01 in the comparative period, EGAS stated
Egypt Gas
EGAS
-2.63% 35.52 -0.96

Cairo – Mubasher: Egypt Gas Holding Company (EGAS) has reported an increase in its net losses by 12% year-on-year in the first half of 2017 on the back of higher costs.

EGAS suffered an EGP 53.5 million loss in H1-17 versus EGP 47.9 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX).

Revenues increased to EGP 675.8 million in the first six month of 2017 from EGP 638.01 in the comparative period, EGAS stated.

Meanwhile, business costs grew to EGP 690.8 million in H1-17 compared to EGP 663.3 million in the same period in 2016.

EGAS’ stock closed Wednesday’s trading session up 2.37% to EGP 257.61.