Arab Cotton Ginning's loss shrinks 81% in Q1 initial consolidated results

Revenues retreated to $15.61mln in the July-September period

Cairo – The unaudited consolidated financial results of Arab Cotton Ginning showed an 81% year-on-year (YoY) decline in its net losses, registering EGP 4.71 million in the first quarter (Q1) of fiscal year 2020/2021, compared to EGP 25.02 million.

The company’s revenues retreated to EGP 245.17 million in the July-September period from EGP 336.59 million in the corresponding period a year earlier, according to a bourse disclosure on Tuesday.

Earlier, the standalone financial indicators showed net losses of EGP 3.33 million in Q1 of FY20/21, down from EGP 7.01 million in the year-ago period.

During FY19/20, Arab Cotton Ginning turned to net losses of EGP 188.39 million, against net profits of EGP 1.66 million a year earlier, the consolidated financial results showed.

Source: Mubasher

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