Cairo – Mubasher: The unaudited financial results of the General Company for Ceramic and Porcelain Products (Sheeni) reported a 345% year-on-year increase in its losses during fiscal year 2018/2019.
The company incurred net losses after taxes of EGP 59.7 million in the twelve-month period ended 30 June, compared to EGP 13.41 million in FY17/18, according to a statement to the Egyptian Exchange (EGX) on Sunday.
Meanwhile, revenues declined to EGP 247.77 million in FY18/19 from EGP 305.8 million in the prior fiscal year.
It is noteworthy that during the first eleven months of FY18/19, the company suffered initial losses of EGP 41.651 million, compared to EGP 6.21 million in the prior-year period.
