Cairo – Mubasher: The consolidated financial statements of Suez Cement reported net losses of EGP 389.65 million in the first quarter of 2020, versus net profits of EGP 213.07 million in the year-ago period, including minority shareholders’ rights.

The cement producer’s revenues dropped to EGP 1.33 billion in the January-March period from EGP 1.81 billion in the corresponding period in 2019, according to a bourse disclosure on Sunday.

Moreover, Suez Cement’s Q1-20 standalone financial results showed net losses of EGP 193.84 million, up from EGP 95.16 million in Q1-19.

It is worth noting that in 2019, the company posted net losses of EGP 1.18 billion, compared to EGP 1.34 billion a year earlier.