Cairo - Mubasher: South Cairo and Giza Flour Mills and Bakeries reported net losses of EGP 54.21 million in fiscal year (FY) 2020/2021, up by 57.77% year-on-year (YoY) from EGP 34.36 million, the unaudited financial results showed. 

The revenues declined to EGP 141.97 million in the year ended 30 June, compared to EGP 202.06 million a year earlier, the company said in a bourse disclosure on Wednesday. 

The company ascribed its losses to the drop in the volume of ground wheat and the increase in operating expenses.