Sinai 1Q17 loss widens

Sinai Cement reported an increase in losses by 55 per cent YoY 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 EGP57.98m (US$3.2m) in 1Q17 compared to EGP37.28m in 1Q16.

During the three-month period that ended 31 March 2017, sales increased to EGP385.6m from EGP292.6m in the same period last year.

Total expenses grew 33 per cent to EGP68.5m compared to EGP51.5m in the first quarter of 2016.

Independent losses reached EGP58.97m in 1Q17, up from EGP38.06m in 1Q16.