Cairo - Mubasher: The consolidated financial statements of Sinai Cement showed an increase in losses by 55% year-on-year during the first quarter of 2017, due to the rise of financing and administrative costs.
The company said in a statement to the Egyptian Exchange (EGX) on Monday that losses amounted to EGP 57.98 million in Q1-17 compared to EGP 37.28 million in Q1-16.
During the three-month period that ended 31 March 2017, sales increased to EGP 385.6 million from EGP 292.6 million in the same period last year.
Total expenses grew 33% to EGP 68.5 million compared to EGP 51.5 million in the first quarter of 2016.
Independent losses reached EGP 58.97 million in Q1-17, up from EGP 38.06 million in Q1-16.
