El Nasr Clothing & Textile Co. (KABO) has rebutted the news that it plans to double exports to 80% of production by the end of next June.
It was reported on Tuesday that the company is intending to double exports to reach 80% of total production instead of 40% through restructuring production lines to boost production capacity to its maximum level.
The company’s exports had reached EGP 60 million last year.
A company official also revealed that KABO is working on doubling sales this fiscal year through foraying into new markets like Turkey, Holland, Lebanon, Saudi Arabia, Jordan, and Kuwait, in addition to expanding local presence through setting up showrooms and contracting with new agents.
The company’s non-consolidated financial results for the fiscal year that ended on June 30 had shown that net loss narrowed 51% to EGP 17.755 million, from EGP 36.202 million a year earlier.
Financial statements for the nine-month period that ended on March 31, 2014 had shown EGP 25.6 million net loss, deepening 34% compared with EGP 19 million in the same period a year earlier. The company had logged EGP 9.7 million net loss in H1, widening 61.69% compared with EGP 6 million in the same period a year earlier.