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Arab Cotton Ginning FY13/14 profit drops 62%

Arab Cotton Ginning FY13/14 profit drops 62%
Arab Cotton Ginning
ACGC
-3.03% 6.40 -0.20
Arab Cotton Ginning Co. posted a 62% drop in consolidated net profit for the fiscal year 2013/2014 to EGP 28.6 million, compared with EGP 75.4 million net profit reported in the same period a year earlier.
The company’s standalone financial results for FY13/14 had shown net profit of around EGP 23.9 million, with a fall by 63% from EGP 946 million a year earlier.
Consolidated financial results for the first nine months of FY13/14 had reflected EGP 5.2 million net loss, shrinking 60% from EGP 12.8 million in the same period a year earlier.
Q1-13/14 financial results had reflected EGP 4.869 million loss, narrowing 26.8% from EGP 6.648 million in the year-ago period.