Cairo – Mubasher: Ajwa Group for Food Industries – Egypt posted a 94.6% year-on-year increase in its losses during the first quarter of 2019, according to the company’s unconsolidated financial statements.
Net losses stood at EGP 8.38 million in the January-March period of 2019, compared to EGP 4.3 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Year-on-year, sales rose to EGP 73.59 million in the three-month period ended 31 March from EGP 73.54 million.
On the other hand, sales costs grew to EGP 74.09 million in Q1-19, compared to EGP 72.5 million in Q1-18.
For the full-year 2018, the company’s net losses amounted to EGP 30.11 million from EGP 4.75 million in the previous year.
Sales slid to EGP 1.43 billion last year, compared to EGP 1.55 billion in 2017.
