Cairo – Mubasher: Alexandria Portland Cement reported a 29.47% year-on-year increase in its losses during the first half of 2019, the company’s unaudited consolidated financial results showed.

The company incurred losses of EGP 168.99 million from January to last June, compared to EGP 130.52 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Year-on-year, revenues plunged to EGP 1.13 billion in the six-month period ended 30 June from EGP 1.598 billion.

The H1-19 loss increase was ascribed to lower selling prices owing to an oversupply of cement in the local market.

As for unaudited standalone financial results, the company’s losses rose to EGP 115.8 million in H1-19 from EGP 95 million in H1-18.

Standalone revenues fell to EGP 502.4 million in the January-June period of 2019, compared to EGP 666.8 million in the prior-year period.