Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries reported a 52.1% year-on-year decline in its losses during the first 10 months of fiscal year 2018/2019, the company’s board of directors said.

The pharmaceuticals firm’s losses after taxes stood at EGP 16.29 million from July 2018 to last April, compared to EGP 34.07 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The company’s board ascribed the retreat in losses to increased sales and production, and lower expenses.