Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries reported a 56.6% year-on-year retreat in its losses during the first 11 months of fiscal year 2018/2019, the company’s board of directors said.

The pharmaceuticals firm’s losses before taxes stood at EGP 16.31 million from July 2018 to last May, compared to EGP 37.57 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The decline in losses was ascribed to higher sales and production as well as spending rationalisation.

During the first nine months of FY18/19, the EGX-listed firm suffered EGP 16.29 million in losses before taxes, compared to EGP 34.07 million in the year-ago period.