Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries has suffered EGP 16.9 million in losses for the first nine months of fiscal year 2018/2019, down 44.9% year-on-year from EGP 30.7 million, according to a statement on Sunday.

The company’s board of directors has attributed the decrease in net losses for the nine-month period to an increase in sales and production, as well as lower expenses.

Meanwhile, the pharmaceutical firm listed on the Egyptian Exchange (EGX) has logged EGP 281 million in sales for the nine-month period ended last March, versus EGP 273.96 million in the prior-year period.

In March, Memphis Pharmaceutical said it had trimmed its losses to EGP 16.5 million during the July-February period of FY18/19, versus EGP 24.6 million in the same period a year earlier.