Cairo – Mubasher: Th unaudited consolidated financial results of Alexandria Portland Cement posted a 54% year-on-year (YoY) drop in its net losses during the first quarter of 2020.

The cement producer suffered net losses of EGP 35.82 million in the January-March period, compared to EGP 77.58 million in the year-ago period, according to a bourse disclosure on Wednesday.

Revenues declined to EGP 575.1 million in Q1-20 from EGP 581.3 million in Q1-19.

As for standalone business, the company’s net losses edged up to EGP 28.57 million in the three-month period ended on 31 March, compared to EGP 27.73 million in the corresponding period a year earlier.

For the full-year 2019, Alexandria Portland Cement’s net losses narrowed to EGP 236.3 million from EGP 394.1 million in 2018.