Cairo – Mubasher: The unaudited financial results of the General Company for Ceramic and Porcelain Products (Sheeni) showed a 280.8% year-on-year increase in losses during the first quarter of fiscal year 2019/2020, the company’s board of directors announced.

Net losses before taxes amounted to EGP 8.95 million during the three-month period ended 30 September, compared to EGP 2.35 million during the same period a year earlier, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.

The company’s losses stood at EGP 4.98 million in July, EGP 3.66 million in August, and about EGP 301,000 in September, the statement showed.

Sales grew to EGP 70.9 million in Q1 of FY19/20 from EGP 55.26 million in the year-ago period.

It is worth mentioning that during FY18/19, the company logged a net loss of EGP 59.7 million, compared to EGP 13.41 million in FY17/18.