Cairo – Mubasher: Egyptian Chemical Industries (Kima) on Sunday announced it has turned to losses for the first half of fiscal year 2018/2019 due to lower revenues.
The company has suffered a net loss of EGP 3.2 million during the six-month period ended last December, against a net profit of EGP 57.6 million in H1-FY17/18, according to a filing to the Egyptian Exchange (EGX).
Revenues shrank to EGP 177.7 million at the end of December 2018, versus EGP 344.3 million in the corresponding period of the previous fiscal year.
Quarter-on-quarter, the EGX-listed firm has turned to losses during the three-month period ended September with EGP 12.4 million in losses, compared to a profit of EGP 17.3 million in the same quarter of FY17/18.
Kima previously reported a 51.9% year-on-year decline in profits for FY17/18, recording EGP 100.05 million, versus EGP 208.04 million.
