CAIRO – 19 October 2017: Stock market-listed Misr Cement-Qena company recorded LE 60.52 million in net loss in the first nine months of 2017, compared to LE 268.5 million in the same period of 2016, marking a 77.4 percent decrease in losses.
In a statement to the Egyptian Exchange, the company said its revenues in that period inched down 3.2 percent to LE 1.93 billion, compared with LE 2 billion in the corresponding period last year.
During fiscal year (FY) 2016/2017, Misr Cement-Qena’s net profits plunged 172 percent year-on-year to LE 50.6 million ($2.8 million), from LE 137.5 million.
The company attributed the drop in its net profit to an increase in financial expenses by LE 3.25 million and a 14 percent drop in sales volume in the first half of 2017.
Total revenues fell 9.4 percent to LE 1.2 billion in FY 2016/2017, down from LE 1.3 billion in the previous year.
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