Cairo – Mubasher: the unaudited financial results of Memphis Pharmaceutical and Chemical Industries showed a net profit of EGP 1.17 million in the first quarter of fiscal year 2019/2020, against a loss of EGP 12.93 million in the prior-year period.

The company ascribed the positive turn in Q1 financials to the increase in production and sales during July, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, the company’s revenues rose to EGP 114.63 million in the three-month period ended 30 September, compared to EGP 77.42 million in the corresponding period a year earlier.

It is noteworthy that during FY18/19, the EGX-listed firm’s net losses after taxes of EGP 25.37 million, compared to EGP 46.73 million in the previous fiscal year.