Cairo – Mubasher: South Cairo and Giza Flour Mills and Bakeries announced turning to losses during fiscal year 2018/2019, according to the company’s adjusted financial statements.

The company suffered net losses of EGP 45.61 million in the twelve-month period ended 30 June, against net profits of EGP 25.9 million a year earlier, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, revenues plunged to EGP 200 million in the last fiscal year from EGP 355.5 million in FY17/18.