Cairo – Mubasher: United Arab Stevedoring’s ordinary general meeting (OGM) has endorsed its budget scheme for fiscal year 2019/2020.

The OGM expected the company to incur EGP 6.7 million in losses in FY19/20, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Under the FY19/20 budget scheme, the company aims to trim its losses and record a deficit of EGP 6.74 million, versus an estimated loss of EGP 13.44 million in FY18/19.

The company also plans to log revenue of EGP 31.03 million by the end of June 2020, up from an expected revenue of EGP 26.09 million this year.

It is worth noting that United Arab Stevedoring had suffered losses of EGP 14.62 million during the seven-month period ended January 2019, versus EGP 17.89 million in the same period a year earlier.