National Cement Co of Egypt reported losses of EGP40.4m (US$2.2m) in the first quarter of fiscal year 2016-17 against profits of EGP19.7m for the same period that year before, as shown by the company’s unaudited financial statements.

The rise in losses between July and September 2016 is attributed to the increase in provisions by EGP37.2m, according to the company’s statement to the Egyptian Exchange (EGX) on Sunday.

Advertisement