Lecico Egypt incurs losses in Q1

The company’s losses deepened by 163.9% year on year

ArabFinance: Lecico Egypt (LCSW) suffered a consolidated net loss of EGP 73.42 million during the first quarter (Q1), according to an EGX disclosure.

The company’s losses deepened by 163.9% year on year (YoY) from EGP 27.82 million in Q1 of fiscal year 2019.

As for the standalone financials, Lecico turned to EGP 33.44 worth of losses in Q1, against a net profit of EGP 46 million in the same quarter of 2019.

Following the first quarter, Lecico announced on April 14th a temporary shutdown of its factory on Alexandria due to COVID-19 cases.

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