Cairo – Mubasher: Delta Sugar turned to losses during the first quarter of 2020, according to financial indicators.
The company suffered net losses of EGP 118.78 million in the first three months of 2020, against net profits of EGP 70.49 million in the year-ago period, according to a bourse disclosure on Thursday.
In addition, sales retreated to EGP 789.1 million in Q1-20 from EGP 926.1 million in Q1-19.
The negative turn in financials was ascribed to the economic disruption caused by the coronavirus (COVID-19) outbreak which led to a decrease in sugar prices and sales.
It is noteworthy that during 2019, Delta Sugar reported net profits of EGP 42.9 million, down from EGP 343.74 million in 2018.