Middle East Glass Q1 losses 547% higher

Egypt’s Middle East Glass Manufacturing (MEGM.CA) reported on Wednesday that its first quarter losses mounted by 547 percent to record 82 million Egyptian pounds($9.3 million).

The company posted 12.7 million pounds in losses for the similar period last year.

During Q1, Middle East Glass posted244.179 million poundsin salesversus151.217 million pounds in the same period a year ago.

In 2015, the company registered a net profit of 25.4 million pounds.