Cairo - Mubasher: National Drilling Company reported a decline in losses for the first quarter of 2017 by 20% year-on-year, which resulted from cutting administrative expenses, according to a bourse filing.

The company said in a statement to the Egyptian Exchange (EGX) on Tuesday that losses amounted to $337,700 in Q1-17 down from losses of $422,700 for the same period last year.

During the first three months of the year, the company reduced its general and administrative expenses to $116,480 from $183,800 in Q1-16.