[ad_1]
CAIRO – The financial indicators of Rakta Paper Manufacturing Company, during fiscal year 2018-2019, indicated an increase in losses of 48% on an annualized basis.
The company said Tuesday in a statement to the Egyptian Stock Exchange that it had recorded a loss of 122.6 million pounds during the fiscal year ended June 30, against 82.8 million pounds for the year. # 39; comparative exercise.
The company's sales during the period dropped to 137 million pounds, compared to 191.8 million pounds for the comparative year.
The company attributes this increase in losses to the stagnation of the locally produced paper market due to lower selling prices and higher costs due to higher prices for raw materials, chemicals, electricity and electricity. oil, as well as wages due to surplus manpower and annual increases.
The third reason is that the results of the activities of the company reflect the benefits of its loans to Rakta, in addition to charging them results by losing the value of all paper and paperboard production stocks.
She explained that the fifth and final reason is to charge the business results of fines and the return of the delay in the payment of contributions to sovereigns, due to lack of liquidity.
The company recorded a loss of 23.4 million Egyptian pounds in the quarter ended September, compared to a loss of 15.4 million Egyptian pounds for the corresponding period of 2017.
appointments
Rakta explains the reasons for the increase in losses in the first half
[ad_2]
Source link
