Cairo – Mubasher: General Company for Ceramic and Porcelain Products (Sheeni) on Tuesday said it has suffered initial losses of EGP 41.651 million in the first 11 months of fiscal year 2018/2019, versus EGP 6.21 million in the year-ago period.

The increase in losses was ascribed to a fall in revenue due to the recession and the high cost and prices of production materials, Sheeni added in a statement to the Egyptian Exchange (EGX).

It is worth noting that Sheeni incurred pre-tax losses of EGP 32.85 million in the first 10 months of FY18/19, versus EGP 1.9 million in the prior-year period.

The company aims to achieve a net profit of EGP 8.44 million in the coming fiscal year.