Cairo – Mubasher: Suez Cement succumbed to losses during the first half of 2019, dragged by lower sales, the company’s consolidated financial statements showed.  

The cement producer incurred net losses of EGP 301.8 million in the six-month period ended 30 June, against profits of EGP 238.2 million in the year-ago period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Monday.

Sales slid to EGP 3.33 billion in H1-19 from EGP 3.9 billion in H1-18, the statement added.

As for the second quarter of 2019, Suez Cement suffered losses of EGP 333 million, versus profits of EGP 77.6 million in Q2-18.

The financial indicators of the company previously showed losses of EGP 293.4 million in H1-19, against profits of EGP 238.2 million in H1-18.

It is noteworthy that during Q1-19, Suez Cement’s net profits rose to EGP 213.07 million, compared to EGP 117.06 million in the year-ago period, including minority shareholders’ rights.