Cairo – Mubasher: Suez Cement announced succumbing into losses during the first quarter of 2019, according to the company’s non-consolidated financial statements.
The cement producer incurred net losses of EGP 95.16 million from January to March, against profits of EGP 130.48 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.
Meanwhile, sales retreated to EGP 527.73 million in the three-month period ended 31 March, compared to EGP 774.1 million in the corresponding period a year earlier.
For the full-year 2018, Suez Cement logged EGP 121.43 million in net profits, against a loss of EGP 1.13 billion in the previous year.
Sales rose to EGP 7.42 billion last year, compared to EGP 6.46 billion in 2017.
As for standalone business, the company turned profitable with EGP 199.86 million in 2018, against a loss of EGP 441.79 million a year earlier.
