Cairo – Mubasher: The consolidated financial statements of Glaxo SmithKline (GSK Egypt) showed a year-on-year turn to losses during the first quarter of 2019.

The losses amounted to EGP 7.55 million in Q1-19, against profits of EGP 22.07 million in the corresponding quarter in 2018, including minority shareholders’ rights.

Sales rose to EGP 232.967 million in Q1-19 from EGP 222.695 million in Q1-18, according to a bourse filing on Tuesday.

As for the standalone financials, GSK Egypt suffered losses worth EGP 15.418 million in Q1-19, versus profits of EGP 20.703 million a year earlier.   

It is worthy to mention that over the fiscal year ended December 2018, the company’s profits plunged to EGP 49.92 million from EGP 115.18 million in the previous fiscal year.