Cairo – Mubasher: South Cairo and Giza Flour Mills and Bakeries (SCFM) has succumbed to losses during the first nine months of fiscal year 2018/2019.
The company reported EGP 25.10 million in net losses from July 2018 to last March, against a profit of EGP 19.06 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, the company’s revenues retreated to EGP 146.7 million for the nine-month period ended 31 March from EGP 279.1 million in the corresponding period in FY17/18.
The company attributed the negative turn in its financials to the decrease in the wheat used in local bread production with flour extraction rate of 82% as well as higher costs.
From July 2018 to last February, the company reported EGP 22.65 million in net losses, compared to EGP 13.62 million in the year-ago period.
SCFM is planning to achieve revenues of about EGP 374.42 million in FY19/20.
