Cairo – Mubasher: Alexandria Spinning and Weaving (Spinalex) turned to net losses of EGP 41.88 million in fiscal year (FY) 2020/2021, against net profits of EGP 97.59 million a year earlier, the unaudited financial results showed.

The revenues declined to EGP 120.64 million in the year ended 30 June, compared to EGP 137.266 million in FY19/20, the company said in a bourse disclosure on Sunday.

During the first nine months of FY20/21, Spinalex incurred net losses of EGP 19.4 million, down from EGP 35.69 million in the prior-year period.

The revenues fell to EGP 81.05 million in the nine-month period ended 31 March from EGP 118.88 million in the corresponding period a year earlier.

Source: Mubasher

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