Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries on Sunday posted a 9% year-on-year decrease in its profits for the first half of fiscal year 2017/2018.

Net losses amounted to EGP 18 million in H1-17/18, versus EGP 19.79 million in the same period a year earlier, the company said in a statement to the Egyptian Exchange (EGX).

Revenues fell to EGP 179.37 million in the six-month period ended December 2018, versus EGP 182 million in the corresponding period of FY16/17.

In October, Memphis Pharmaceutical and Chemical Industries 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.