Cairo – Mubasher: The consolidated financial results of Alexandria Mineral Oils Co (AMOC) registered EGP 42.56 million net losses in the first half (H1) of fiscal year 2020/2021, against EGP 108.43 million profits in the year-ago period.

The company's sales declined to EGP 4.25 billion in the July-December period from EGP 5.42 billion in the same period of the earlier year, according to a bourse filing on Wednesday.

As for the standalone financials, the company incurred EGP 84.4 million net losses in H1-2020/2021, versus EGP 68.96 million net profits in the corresponding period of the earlier year.

The company has logged losses due to lower sales amid a decline in global prices.

It is noteworthy to mention that in the first quarter (Q1) of fiscal year 2020/2021, the consolidated net losses of AMOC decreased by 93% year-on-year (YoY) to EGP 31.98 million from EGP 477.02 million.