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Alexandria Portland Cement’s losses narrow to EGP 96.5m in 9M

Alexandria Portland Cement’s losses narrow to EGP 96.5m in 9M
Consolidated net sales shrank by EGP 574 million
Alexandria Cement
ALEX
-4.76% 6.00 -0.30

Cairo – Mubasher: The unaudited consolidated financial results of Alexandria Portland Cement showed a 61% year-on-year decline in its net losses during the first nine months of 2019.

The company suffered net losses of EGP 96.58 million in the nine-month period ended 30 September, compared to EGP 245.7 million in the prior-year period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Consolidated net sales shrank by EGP 574 million to EGP 1.636 billion in the January-September period, compared to EGP 2.21 billion in the corresponding period a year earlier.

As for standalone business, Alexandria Portland Cement’s losses plunged to EGP 72 million in the January-September period from EGP 162 million in the corresponding period of 2018.

It is noteworthy that during the first half of 2019, the EGX-listed firm incurred net losses of EGP 168.99 million, compared to EGP 130.52 million in H1-18.