Egypt’s Memphis Pharmaceuticals and Chemical Industries said on Monday its losses surged by 188.1 percent year-on-year in the financial year ended 30 September 2018.
Net losses amounted to 22.85 million pounds in the year ended September, up from 7.93 million pounds a year earlier, the company said in a statement to the Egyptian Exchange (EGX).
Memphis chalked up the rise in its losses to the unsuccessful execution of the company’s sales strategy.
From July to August 2018, Memphis achieved 700,000 pounds in net profits versus 3.1 million pounds in losses during the same period in the previous financial year.
Between July 2017 and June 2018, Memphis suffered 47 million pounds in losses, a rise from 34.2 million pounds in the same period of the previous year.
The pharmaceutical company also suffered losses amounting to 14.9 million pounds from July until November of financial year 2017/2018, against profits of 57,000 pounds in the year-ago period.