Cairo – Mubasher: Rakta Paper Manufacturing incurred net losses of EGP 98.277 million in fiscal year (FY) 2020/2021, down by 21% year-on-year (YoY) from EGP 124.64 million, the modified financial results showed.
The sales slid to EGP 10.1 million in the year ended 30 June from EGP 26.09 million a year earlier, the company said in a bourse disclosure on Sunday.
The loss decline was ascribed to lower wages and volumes of sales. As the cost of sales is higher than the selling prices due to the rising prices of input materials and fuel, the production activity has been suspended since 25 August 2019 and will remain halted until the completion of all development and rehabilitation processes of production lines.
In the first nine months of FY20/21, the company recorded net losses of EGP 74.85 million, compared to EGP 84.32 million in the year-ago period.
