Cairo — Mubasher: Egypt Gas has backtracked on the sale of a land plot located in Smouha, Alexandria in an auction held on 24 December.

The state-run firm ascribed the decision to the underpriced offers presented by the bidders, Egypt Gas said in a statement to the Egyptian Exchange (EGX).

In September, the company said that it would hold a sealed-bid auction on Monday, 24 December to sell its land plot.

Egypt Gas last reported a 70% year-on-year drop in losses for the first nine months of 2018.

The company incurred EGP 17.6 million in net loss for the nine-month period ended September, versus EGP 58.9 million in the prior-year period.

Revenues increased to EGP 1.6 billion at the end of September, compared to EGP 1.1 billion in the corresponding period of 2017.

By 10:00 am Cairo time, the company's stock dropped 0.13% to EGP 67.30.