Egypt Gas loses EGP 17.3m in Q1 2015

Government-owned natural gas projects company Egypt Gas has registered EGP 17.3m losses in the first quarter (Q1) of 2015, compared to EGP 73.1m recorded profits in Q4 2014, the company announced on Sunday.

Increases in production, wages, and fuel costs, amid the stabilisation of the selling price to clients were said to have caused the losses.

In 2014, the stock market-listed gas firm reported a 95.2% reduction in revenues, registering EGP 4.8m compared to EGP 99.6m in 2014. As for 2015, Egypt Gas plans to achieve EGP 32.8m in profits.

Last month, Egypt Gas faced unstable conditions as workers in the company started a month-long strike demanding bonuses in wages in accordance with earlier agreements. The strike ended after the management and the workers reached a solution.