Delta Company for Fertilizers incurs LE 358M losses in 3 months

CAIRO – 21 July 2017: Delta Company for Fertilizers and Chemical Industries has incurred LE 168 million ($9.4 million) losses during the period in three months, as a result for the Egyptian pound's flotation, company's chairman said Friday.

Nabil Mekkawy, the fertilizers company Chairman, added to Egypt Today that during the above period that stretched from November 2016 and until the end of January 2017 the company was also affected by the unchanged prices of fertilizers.

Moreover, the company recorded LE 190 million losses from stoppage of the factories as a result for several breakdowns, Mekkawy said.

The chairman noted that the value of losses by the end of the fiscal year will reach LE 290 million, highlighting that the new maintenance for the company's factories will be a direct launch for the firm.