Cairo – Mubasher: The financial indicators of South Cairo and Giza Flour Mills and Bakeries revealed a 2,239% year-on-year rise in losses over the first quarter of the fiscal year 2019/2020.
The losses totalled EGP 8.3 million during the three-month period ended in September 2019, compared to a loss worth about EGP 372,000 in the corresponding quarter in 2018, the company reported on Wednesday.
Revenues shrank by 85% to EGP 46.5 million in Q1-19, up from EGP 54.4 million a year earlier.
The rise in losses was attributed to lower quantities of ground wheat and the unavoidable higher operating costs.
As regards the previous fiscal year ended 30 June 2019, the company incurred losses of EGP 28.21 million, against a profit of EGP 25.9 million in FY17/18.
