Cairo – Mubasher: Arab Dairy Products Co. (Panda) turned to net losses of EGP 15.57 million during 2020, versus net profits of EGP 23.68 million a year earlier, including minority shareholders’ rights, the consolidated financial statements showed.

Sales increased to EGP 1.28 billion last year from EGP 1.26 billion in 2019, the company said in a bourse disclosure on Sunday.

As for standalone business, the company suffered net losses of EGP 15.835 million in 2020, against net profits of EGP 23.45 million a year earlier.

During the first nine months of 2020, the company moved to net losses of EGP 3.35 million, compared to net profits of EGP 20.64 million in the same period in 2019.