The United Arab Shipping & Unloading (UASG) company incurred 14.1 million Egyptian pounds ($3.1 million) net losses during the current financial year, ending June 2001. In comparison, the company’s net losses amounted to seven million LE ($1.54 million) in the previous FY00, according to a company financial statement.
The company revenues totaled LE17.4 million in the FY01, a 33.7 percent drop compared to LE26.2 million in the corresponding period last year. UASG officials attributed the losses to a considerable jump in the COGS (Cost Of Goods Sold)/Revenue ratio to 120 percent. COGS/Revenue stood at 91 percent in FY00, reported Prime Securities.
UASG stocks are traded on the Cairo & Alexandria Stock Exchange (CSE). The firm reported it had lifted 819,000 containers and 827,000 tons of goods during 2000. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
