Cairo - Mubasher: The consolidated financial statements of Electro Cable Company showed a surge in losses in the first quarter of 2017 by 185% year-on-year, due to the rise in costs and expenses.
The company said in a statement to the Egyptian Exchange (EGX) on Tuesday that losses reached EGP 22.45 million in Q1-17 compared to EGP 7.8 million in Q1-16.
Sales increased to EGP 269.9 million in the three-month period that ended on 31 March, compared to EGP 236.54 million between January and March 2016.
During the same period, sales cost went up to EGP 265.48 million up from EGP 216.7 million, while financing expenses increased to EGP 12.8 million compared to EGP 5.8 million in the corresponding period last year.
