Cairo – Mubasher: Arab Polvara Spinning and Weaving (APSW) is looking to invest about EGP 400 million in a bid to increase its production capacity.

APSW aims to maximise its revenues through raising output capacity, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

Concerning published reports on the company’s plan to invest EGP 400 million in a weaving factory, the company revealed that no decision has been taken concerning this plan and finance resources have not been identified yet.

During the first quarter of 2019, APSW reported a net profit of EGP 1.05 million, versus losses of EGP 3.65 million in the year-ago period.

Meanwhile, revenues retreated to EGP 12.1 million by the end of March, compared to EGP 22.28 million in Q1-18.