Arab Cotton Ginning's consolidated loss plunges 91% in Q1-21/22
The company's revenues declined to $14.43mln in the first three months of fiscal year 2021/2022
Cotton ready for harvest in the province of Al-Sharkia northeast of Cairo, Egypt, September 28, 2021.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Mubasher
Cairo – Arab Cotton Ginning Company has incurred net losses of EGP 437,000 in the first quarter (Q1) of fiscal year 2021/2022, down 91% from EGP 4.71 million in the year-ago period, as shown by the company's unaudited consolidated financials.
The company's revenues declined to EGP 226.66 million in the first three months of fiscal year 2021/2022 from EGP 245.17 million in the same period of the earlier year, according to a bourse filing on Thursday.
It is noteworthy to mention that in fiscal year (FY) 2020/2021, the company logged consolidated net losses of EGP 47.46 million, down by 68.2% year-on-year (YoY) from EGP 149.5 million.
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