Cairo – Mubasher: Rakta Paper Manufacturing’s modified financial results showed a 48.8% year-on-year rise in its losses during fiscal year 2018/2019.
The company’s net losses surged to EGP 123.26 million from July 2018 to last June, compared to EGP 82.81 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.
The increase in losses in FY18/19 was ascribed to the drop in the volume of production, sales, and revenues on the back of lower demand in the paper market, along with a rise in feedstock prices and electricity fees.
The company’s revenues dipped to EGP 138.62 million in FY18/19, compared to EGP 193.32 million in FY17/18.
