Cairo – Mubasher: Rakta Paper Manufacturing Company incurred net losses of EGP 46.09 million in the first half (H1) of fiscal year 2020/2021, down by 9% year-on-year (YoY) from EGP 50.63 million, the unaudited financial results showed.  

Revenues plunged to EGP 495,000 in the July-December period of 2020, compared to EGP 20.77 million in the prior-year period, the company said in a bourse disclosure on Tuesday.

The company has halted its production since 25 September 2019 to curb its losses until the completion of its development process. 

During the first quarter (Q1) of FY20/21, Rakta suffered net losses of EGP 16.3 million, down from EGP 27.8 million in the year-ago period.