Cairo – Mubasher: Arab Cotton Ginning reported a 77.4% year-on-year decline in its consolidated profits during the first nine months of fiscal year 2018/2019.

The Egyptian firm’s net profits stood at EGP 18.68 million from July 2018 to last March, compared to EGP 82.96 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Year-on-year, revenues retreated to EGP 1.5 billion in the nine-month period ended 31 March from EGP 1.57 billion.

Earlier in May, Arab Cotton Ginning announced a 55.8% year-on-year growth in its standalone profits, logging EGP 30.47 million from July 2018 to last March, compared to EGP 19.55 million.  

During the July-December period of 2018, the company’s net losses registered EGP 27.94 million, versus a profit of EGP 74.99 million in the same period a year earlier, including minority shareholders’ rights. 

Sales retreated to EGP 808.47 million in H1 of FY18/19, compared to EGP 895.25 million in the prior-year period.