Egypt’s Suez Cement posts first-half net losses of $17.7 mln

Egypt’s Suez Cement reported net losses of 293.4 million Egyptian pounds ($17.7 million) during the first half of the year, up from 238.3 million pounds during last year, a loss ratio of 223.1 percent.

According to a company statement, revenues during the first half of this year fell 16 percent year-on-year to record 3.3 billion pounds.

Tourah Cement, 66.12 percent of which is owned by Suez Cement, reported first half net losses of 461.3 million pounds, compared with a loss of 2.2 million pounds in the corresponding period of 2018.

Suez Cement suspended operations at Tourah Cement in May on the back of deteriorating financial results and accumulated losses.

Source: Ahram Online