Mubasher TV
Contact Us Advertising   العربية

Kima incurs over EGP 1bn loss in nine months

Kima incurs over EGP 1bn loss in nine months
The revenues hiked to EGP 825.44 million in the period ended 31 March
Kima
EGCH
-1.19% 9.15 -0.11

Cairo – Mubasher: The Egyptian Chemical Industries (Kima) turned to net losses of EGP 1.02 billion in the first nine months of fiscal year (FY) 2020/2021, against net profits of EGP 42.915 million in the year-ago period, the unaudited financial results showed.

The revenues hiked to EGP 825.44 million in the nine-month period ended 31 March from EGP 165.9 million in the corresponding period a year earlier, Kima said in a bourse disclosure on Tuesday.

The negative turn in the company’s financial results was ascribed to higher debit interest by EGP 424 million, higher deferred taxes with EGP 149 million, and lower credit interest by EGP 5.279 million, as well as increased costs of revenues and administrative expenses by EGP 768 million and EGP 260 million, respectively.

During the first half (H1) of FY20/21, the company turned to net losses of EGP 631.26 million, versus net profits of EGP 42.78 million in the corresponding period a year earlier.