ArabFinance: South Cairo and Giza Mills and Bakeries (SCFM) registered a slight increase in its net loss in 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 9.183 million in the July-September period of 2020, compared to EGP 8.330 million achieved in prior-year period .
The company attributed the increase in loss to the decline of ground flour and rise in production costs.
Last July, the listed firm incurred 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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