Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) announced it would authorize the use of AED 184.80 million of the company’s voluntary reserve, as well as AED 376.90 million of the statutory reserve to offset accumulated losses of AED 561.700 million as at 31 December 2018.

This decision was backed by the Securities and Commodities Authority’s (SCA) approval and the confirmation of the company’s auditors regarding the matter, Julphar said in a statement to the Abu Dhabi Securities Exchange (ADX).

It is worth noting that in the first half of 2019, the Julphar had suffered losses of AED 183.9 million, versus profits of AED 50.9 million in H1-18.