Cairo – Mubasher: Egyptian Chemical Industries (Kima) announced succumbing to losses during the first nine months of fiscal year 2018/2019 on the back of lower sales.
Kima logged EGP 17.7 million in losses from July 2018 to last March, versus a profit of EGP 97.2 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Sales plunged to EGP 261.1 million for the nine months ended 31 March from EGP 477.6 million in the corresponding period in FY17/18.
The company ascribed the negative turn in its financials to lower exports due to the lack of security export permits for some countries as well as the halt of ammonia production on the back of increased electricity prices.
