National Cement posts net loss in 1HFY18

National Cement has announced that its losses increased during the first half of FY18, ended December 2017. The loss increased by 136.7 per cent, to EGP496m (US$28m) from EGP209 of the year-ago period, according to Egypt Today. The unaudited results also showed a fall in revenue to EGP726m, compared to EGP940m recorded in the 1HFY17.

The company also stated that it was expected to record profits of EGP17.7m for FY18. However, the present situation suggests that National Cement may post a EGP850m net loss by the end of the year.