Cairo – Mubasher: The unaudited financial results of Delta Sugar showed a turn to net losses of EGP 62.25 million during the first nine months of 2020, against net profits of EGP 153.5 million in the year-ago period.
The negative turn in financial results was attributed to the decline in energy prices which are linked with sugar prices due to the coronavirus pandemic as well as lower sugar sales due to the closure of tourism establishments and coffee shops, according to a bourse disclosure on Tuesday.
This led the company to sell sugar at less than costs of production.
In addition, the company also withdrew credit facilities to secure the necessary feedstock and pay dues to sugar beet producers.
Over the January-September period, the company’s revenues increased to EGP 2.26 billion from EGP 1.84 billion in the prior-year period.
During the first half (H1) of 2020, Delta Sugar achieved net profits of EGP 52.13 million, down from EGP 211.07 million in the corresponding period a year earlier.
