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Sheeni’s FY18/19 unaudited financials show EGP 60m loss

Sheeni’s FY18/19 unaudited financials show EGP 60m loss
Revenues declined to EGP 247.77 million
Sheeni
PRCL
-1.26% 9.41 -0.12

Cairo – Mubasher: The unaudited financial results of the General Company for Ceramic and Porcelain Products (Sheeni) reported a 345% year-on-year increase in its losses during fiscal year 2018/2019.

The company incurred net losses after taxes of EGP 59.7 million in the twelve-month period ended 30 June, compared to EGP 13.41 million in FY17/18, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues declined to EGP 247.77 million in FY18/19 from EGP 305.8 million in the prior fiscal year.

It is noteworthy that during the first eleven months of FY18/19, the company suffered initial losses of EGP 41.651 million, compared to EGP 6.21 million in the prior-year period.