Cairo – Mubasher: The consolidated net losses of Alexandria Mineral Oils Co (AMOC) decreased by 93% year-on-year (YoY) to EGP 31.98 million in the first quarter (Q1) of fiscal year 2020/2021 from EGP 477.02 million.

Sales plummeted to EGP 2 billion in the July-September period from EGP 8.9 billion in the prior-year period, the company said in a bourse disclosure on Sunday.

As for standalone business, AMOC suffered net losses of EGP 53.26 million in the three-month period ended 30 September, against net profits of EGP 31.8 million in the corresponding period a year earlier.

During FY19/20, the company turned to net losses of EGP 473.4 million, versus net profits of EGP 574 million a year earlier.