ArabFinance: General Company for Paper Industry (Rakta) (RAKT) incurred a net loss of EGP 97.115 million in the fiscal year (FY) 2020/2021, according to the company’s statement filed to the Egyptian Exchange.

Rakta’s June loss reached EGP 9.847 million, the statement highlighted.

The listed company’s ordinary general assembly approved the estimated budget of FY 2021/2022, targeting net sales of EGP 2.8 million, compared to EGP 0.5 million in FY 2020/2021 and EGP 26 million in FY 2019/2020.

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.