Cairo - Mubasher: El Arabia for Land Reclamation said that its ordinary general meeting approved to offset deferred losses by the value of surplus for the fiscal year 2014/15, after deducting 5% that is allocated for legal reserves.
Earlier, the company's board decided to direct FY14/15 surplus, which amounts to EGP 4.896 million to reduce the company's deferred losses to EGP 5.818 million.
The firm reported net profits of EGP 5.15 million in the fiscal year ended 30 June 2015, against losses of EGP 7 million in the previous year.
The company is capitalised at EGP 26 million, distributed across 5.2 million shares at EGP 5 par value each.
