Cairo – Mubasher: Ajwa Group for Food Industries – Egypt announced succumbing into losses during the first quarter of 2019, according to the company’s consolidated financial results.

The company suffered net losses of EGP 6.92 million from January to March, against a profit of EGP 8.45 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Year-on-year, the company’s sales retreated to EGP 270.25 million in the three-month period ended 31 March, compared to EGP 317.07 million.

As for standalone business, the company reported net losses of EGP 8.38 million in Q1-19 from EGP 4.3 million in Q1-18.

Meanwhile, sales rose to EGP 73.59 million in the three-month period ended 31 March from EGP 73.54 million, according to the company’s standalone financial results.