Cairo – Mubasher: Rakta Paper Manufacturing has suffered a net loss of EGP 80.73 million in the first nine months of fiscal year 2018/2019, up 54.4% year-on-year from EGP 52.28 million.
The increase in losses during the nine-month period was mainly driven by a decrease in production, sales, and operating revenue due to the recession in paper markets and the usage of old machines, Rakta said in a statement to the Egyptian Exchange (EGX) on Wednesday.
Moreover, the company’s losses rose as the prices of raw materials, electricity, and petroleum materials increased, in addition to a drop in the value of total stock production, according to the statement.
Sales stood at EGP 104.8 million at the end of March, versus EGP 149.3 million in the corresponding period of the previous fiscal year.
It is worth noting that Rakta previously reported a net loss of EGP 57.31 million for the period starting July 2018 to January 2019.
