Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) announced turning to net losses of EGP 473.4 million in fiscal year 2019/2020, against net profits of EGP 574 million a year earlier, the consolidated financial indicators showed.

AMOC’s sales declined to EGP 8.83 billion in FY19/20 from EGP 14.66 billion in FY18/19, according to a bourse disclosure on Thursday.

As for standalone business, the company incurred net losses of EGP 484.69 million in the 12-month period ended on 30 June, versus net profits of EGP 450 million a year earlier.

For FY20/21, the company aims to achieve net profits of 25.4 million.

During the first nine months of FY19/20, AMOC suffered net losses of EGP 152.48 million, against net profits of EGP 574.2 million in the year-ago period, including minority shareholders’ rights.