Rakta Paper Manufacturing reported a 48% year-on-year increase in its losses during fiscal year 2018/2019.
The company suffered losses of EGP 122.6 million in the twelve-month period ended 30 June, compared to EGP 82.8 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Year-on-year, sales retreated to EGP 137 million in FY18/19 from EGP 191.8 million in FY17/18.
The company’s loss widening was ascribed to several reasons, including lower demand in the local market which led to cutting selling prices.
During the first nine months of FY18/19, the company’s losses amounted to EGP 80.73 million from EGP 52.28 million in the corresponding period a year earlier.