Cairo – Mubasher: Sinai Cement reported a 13.7% standalone loss decline year-on-year in 2018.

The Egyptian firm’s net losses logged EGP 305.89 million ($17.56 million) last year, compared to EGP 354.73 million ($20.36 million) in 2017, according to a bourse filing on Sunday.

Meanwhile, the company’s revenues retreated to EGP 803.68 million in the year ended 31 December 2018, from EGP 1.29 billion a year earlier.

The loss decline was ascribed to collecting credit interests as well as investment revenues and other income, in addition to lower sales, administrative, and general expenses.

The company continued to suffer losses in 2018 due to the flotation of the Egyptian pound in November 2016 and its resulting effects on costs especially those of imported fuel.

The growing costs were partly offset by the slight rise in cement prices, the company indicated.

Sinai Cement noted that cement consumption rate fell 5% in Egypt last year.

During the January-September period of 2018, Sinai Cement reported EGP 238.8 million in losses, against EGP 250.3 million, including minority shareholders’ rights, in the year-ago period.