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.