Cairo – Mubasher: Egyptian Financial and Industrial Company (EFIC) turned to losses during the first quarter of 2020, the unaudited standalone financial results showed.

The company incurred net losses of EGP 7.27 million in the January-March period, against net profits of EGP 5.21 million in the corresponding period a year earlier, according to a bourse disclosure on Monday.

Sales dwindled to EGP 77.12 million in Q1-20 from EGP 157.69 million in Q1-19.

It is worth mentioning that in 2019, EFIC’s net profits surged to EGP 203.7 million from EGP 114.74 million in 2018, including minority shareholders’ rights.