Rakta expects loss in FY 2020/2021
Updated 10/22/2020 2:29:00 PM
ArabFinance: General Company for Paper Industry (Rakta) (RAKT) has expected incurring a net loss of EGP 78.258 million in the fiscal year (FY) 2020/2021, according to the company statement filed to the Egyptian Exchange.
On October 21st, the board of directors approve the FY 2020/2021 budget and auditor report for the financial statement of FY2019/2020.
Rakta signed on October 13th a technical consulting contract with India-based C2C Consultancy for the rehabilitation and development of the former's factories.
Rakta reported a net loss of EGP 12.3 million in August 2020, a 156% rise from EGP 4.8 million incurred in August 2019.
Rakta is an Egypt-based public shareholding company engaged in the production and distribution of printing and wrings papers, and multi-layered duplexes carton papers.
