Cairo – Mubasher: Arab Cotton Ginning posted a 62.2% year-on-year standalone profit decline during fiscal year 2018/2019.

Net profits dipped to EGP 33.73 million from July 2018 to last June, compared to EGP 89.49 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

On the other hand, sales surged to EGP 61.6 million in FY18/19 from EGP 35.48 million in FY17/18.

The profit drop was ascribed to the instability of local cotton market as well as the ongoing trade war between the US and China.  

The company’s financial indicators previously showed a net profit of EGP 33.23 million in the twelve-month period ended 30 June, compared to EGP 89.49 million in the same period a year earlier.

During the first nine months of FY18/19, Arab Cotton Ginning’s consolidated profit tumbled to EGP 18.68 million, compared EGP 82.96 million in the same period of FY17/18.