ArabFinance: The Arab Company for Land Reclamation (Arclam) (EALR) said its board members approved to use a surplus worth EGP 760,531 from fiscal year (FY) ended on June 30th 2020 in reducing the accumulated losses, according to a disclosure to the Egyptian Exchange.

Meanwhile, the company’s income statement until June 30^th showed a retained loss of EGP 5.72 million, lower than EGP 6.35 million in the same period in 2019.

Arclam earlier announced a Year on year rise of 21% in net profit after tax during FY 2019/2020.