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South Cairo Mills posts 3-month loss increase

South Cairo Mills posts 3-month loss increase

ArabFinance: South Cairo and Giza Mills and Bakeries (SCFM) registered a slight increase by about 10% in its net loss for the first three months of the fiscal year (FY) 2020/2021, according to the company’s October 28th statement filed to the Egyptian Exchange.

Net loss after tax stood at EGP 9.18 million in July-September 2020, compared to EGP 8.33 million achieved in the prior-year period.

The company attributed higher losses to a decline of ground flour and a rise in production costs.

Last July, the listed firm saw a 50% annual decline in its net loss.

South Cairo and Giza Mills, a subsidiary of the Holding Company for Food Industries, is an Egypt-based joint-stock milling company engaged in the processing, trading, importing and exporting, packaging, warehousing, and distributing grains and its related products.

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