Cairo – Mubasher: Rakta Paper Manufacturing Company reported a 19% year-on-year increase in losses at EGP 27.8 million during the first quarter of the fiscal year 2019/2020, compared to EGP 23.4 million a year earlier.
Revenues dropped to EGP 18.6 million in Q1-19/20, down from EGP 39.8 million in the corresponding period a year earlier, according to a bourse statement on Wednesday.
The rise in losses was not only ascribed to lower production, sales, and income from the business because of the old equipment and market recession but also due to the drop in the output inventory.
Moreover, the decrease is attributed to the higher price of raw materials, electricity, and oil products.
As regards the fiscal year 2018/2019, Rakta Paper suffered losses worth EGP 123.6 million from EGP 82.81 million a year earlier.
