Cairo – Mubasher: The consolidated financial statements of Sinai Cement reported a 31.34% year-on-year increase in its losses during the first nine months of 2019.

Net losses ballooned to EGP 313.72 million during the period from January to September, compared to EGP 238.85 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

In the meantime, the cement producer’s sales retreated to EGP 559.75 million in the nine-month period ended 30 September, compared to EGP 569.69 million in the corresponding period a year earlier.

At the level of standalone business, the company logged a net loss of EGP 331.22 million at the end of September, rising by 30% year-on-year from EGP 293.14 million a year earlier.

It is worth mentioning that during the first half of 2019, Sinai Cement reported a net loss of EGP 187.23 million, up from EGP 155.74 million in H1-18.