Cairo – Mubasher: Alexandria Portland Cement reported a 123% year-on-year increase in its consolidated losses during the first quarter of 2019, pressured by lower consumption amid higher supply.

The Egyptian cement producer’s net losses amounted to EGP 77.58 million in the January-March period of 2019, compared to EGP 34.78 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, the company’s revenues retreated to EGP 581.3 million in Q1-19 from EGP 898.31 million in the corresponding period a year earlier.

The company ascribed the Q1-19 loss increase to a year-on-year drop in consumption of cement which pressured on sales volume and prices.

As for standalone business, the cement producer’s losses plunged to EGP 27.73 million in Q1-19, compared to EGP 71.27 million in the prior-year period.

For the full-year 2018, the EGX-listed firm posted EGP 394.2 million in net losses from EGP 513.93 million in the previous year.

The company’s consolidated revenues registered EGP 2.86 billion last year from EGP 2.85 billion in 2017.

In addition, the Egyptian firm’s standalone losses declined to EGP 251.97 million in 2018, compared to EGP 401.79 million in the prior year.

The company’s standalone revenues amounted to EGP 1.23 billion last year from EGP 1.237 billion in 2017.