Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries reported a 61.5% year-on-year decline in its losses during fiscal year 2018/2019, according to the company's unaudited financial results. 

The company incurred net losses after taxes of EGP 17.97 million in the twelve-month period ended 30 June, compared to EGP 46.73 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Year-on-year, revenues amounted to EGP 367.7 million in FY18/19 from EGP 343.3 million.

The company attributed the FY18/19 loss drop to higher sales and production as well as spending rationalisation.

 During the first eleven months of FY18/19, the company’s losses slid to EGP 16.31 million from EGP 37.57 million in the corresponding period a year earlier.