Egypt’s Memphis Pharmaceuticals losses hit 19.8 mln pounds in H1-FY2017/18

Egypt’s Memphis Pharmaceuticals and Chemical Industries (MPCI) unveiled Tuesday that its losses stood at 19.8 million Egyptian pounds ($1.1 million) during the first half of financial year 2017/2018.

MPCI, an affiliate of Holding Company for Pharmaceuticals (Holdipharma), earlier achieved profits worth 2.5 million pounds during the first half of financial year 2016/2017.

Losses before taxes reached 23.5 million pounds during the seven months ended in financial year 2017/2018, compared with profits of 4 billion pounds during the same period of financial year 2016/2017.