The Holding Company for Spinning and Weaving recorded losses at EGP 2.1bn for the current financial year, company's chairman Ahmed Mustafa told Daily news Egypt. This reflects a rise from EGP 1.8bn compared to the 2012-2013 fiscal year. Total wages for the current fiscal year were EGP 2.3bn, up from EGP 1.9bn last year, Mustafa said at a press conference held yesterday. Holding Company for Spinning and Weaving is comprised of 32 subsidiary companies, including 9 cotton companies and 22 spinning and weaving companies. The wage increase amount to 135% of wave revenues, regarding which Mustafa said: “Shutting down these companies is best from a financial perspective.” He added that it is cotton companies that are solely profit, although the profits were not generated by activity. According to Mustafa , “the coming months will be intense as we must reduce the losses in order to make a profit”. He expected losses to be reduced during the 2014/2015 fiscal year to EGP 1.4 bn. Energy exploited by Holding Company for Spinning and Weaving currently ranges between 30-35%, which the Chairman called “unreasonable”. He added: “We have to raise this to 70% during the first quarter of the coming fiscal year.”