Major companies from the public business sector are on the verge of collapse due to increased losses and the deterioration of some industry sectors, according to official reports received by Al-Masry Al-Youm.
The reports state that 124 public sector companies recorded losses over the past year that amounted to LE1.2 billion.
The same companies made a net profit of LE1.1 billion in 2013, compared to 2010's LE4.8 billion profit. Wages for public sector companies were reduced to LE12 billion last year, compared to LE13 billion one year earlier.
There are also fewer companies that have made a profit in the public sector: 58 companies over the past year, compared to 72 companies in 2013 and 80 in 2012, according to the reports.
Edited translation from Al-Masry Al-Youm
