Cairo – Mubasher: The consolidated net losses of Lecico Egypt narrowed by 80.7% year-on-year (YoY) to EGP 14.15 million during the first quarter (Q1) of 2021, compared to EGP 73.41 million, including minority shareholders’ rights.

The loss decline was ascribed to higher sales by 21% and lower financing expenses by EGP 27 million, the company said in a bourse disclosure on Wednesday.

The sales increased to EGP 600.5 million in the January-March period, compared to EGP 496.5 million in the year-ago period.

As for standalone business, the company turned to net profits of EGP 32.07 million in Q1-21, versus net losses of EGP 33.43 million in Q1-20.

During 2020, the company incurred net losses of EGP 222.4 million, down from EGP 300.98 million in 2019, including minority shareholders’ rights.