Cairo – Mubasher: The unaudited financial results of United Arab Stevedoring showed a 19.7% year-on-year (YoY) rise in its net losses during the first nine months of fiscal year 2019/2020, dragged by lower revenues.
The company’s net losses widened to EGP 22.65 million in the nine-month period ended 31 March, compared to EGP 18.92 million in the year-ago period, according to a bourse disclosure on Sunday.
In the meantime, revenues retreated to EGP 8.35 million from July 2019 to last March, compared to EGP 10.36 million in the corresponding period a year earlier.
It is noteworthy to mention that in the first seven months of FY19/20, the company’s loss grew to EGP 17.97 million from EGP 14.62 million in the corresponding period a year earlier.
On a side note, the company said that it agreed with Alexandria Port Authority to restructure its loans. The company paid EGP 5 million out of total debt of EGP 28 million. The remaining amount will be restructured and the company will be allowed to resume its operations at the port.
