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The company reduced its losses by 62% in 12 months
Rana Mamdouh
The Board of Directors of Memphis Pharmaceuticals and Chemical Industries decided at its meeting on July 27, 2019, to establish a provision of ITL 1.250 million against the potential risk badociated with the misappropriation of funds sent back before the public prosecutor, in accordance with the submission.
On July 18, the company denied the impact of its financial situation on the fact that the chief treasurer had diverted 1.5 million pounds.
The board also approved the unaudited financial statements for the fiscal year ended June 2019, a 62% decrease in losses compared to the corresponding period, said Memphis Pharmaceuticals in a statement.
He reported losses of 17.979 million Egyptian pounds between July 2018 and the end of June 2019, compared with 46.736 million pounds sterling in the corresponding period.
The products increased during the same period to reach 367,732 million pounds, against 343,356 million pounds for the same period.
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