Cairo – Mubasher: Memphis Pharmaceuticals and Chemical Industries on Monday said its losses surged by 188.1% year-on-year in the fiscal year ended 30 September 2018.

Net losses amounted to EGP 22.85 million in the year ended September, up from EGP 7.93 million a year earlier, the company said in a statement to the Egyptian Exchange (EGX).

Memphis chalked up the rise in its losses to the unsuccessful execution of the company's sales strategy.

From July to August 2018, Memphis achieved EGP 700,000 in net profits versus EGP 3.1 million in losses during the same period in the previous fiscal year.

Between July 2017 and June 2018, Memphis suffered EGP 47 million in losses, a rise from EGP 34.2 million in the same period of the previous year.

The pharmaceutical company also suffered losses amounting to EGP 14.9 million from July until November of FY 2017/2018, against profits of EGP 57,000 in the year-ago period.