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Sinai Cement incurs losses in FY17 on lower sales

Sinai Cement incurs losses in FY17 on lower sales
The cost of sales during FY17 increased to EGP 1.34 billion
Sinai Cement
SCEM
-9.16% 12.44 -1.14

Cairo – Mubasher: Sinai Cement has suffered a loss of EGP 351.5 million during the fiscal year 2017 against profits worth EGP 14.64 million in the previous fiscal year.

The negative turn in FY17 income statements is attributed to lower sales of EGP 1.292 billion compared to EGP 1.297 billion in the prior year, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The cost of sales during FY17 increased to EGP 1.34 billion from EGP 972.4 million in FY16, the EGX-listed firm said. 

Sinai Cement’s standalone profits registered losses of EGP 354.7 million in FY17 versus a profit of EGP 13.47 million in FY16.

During the nine-month period that ended in September 2017, the Egypt-based cement maker incurred losses of EGP 250.3 million against profits worth EGP 23.02 million in the corresponding period of 2016.