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Spinalex’s losses widen to EGP 9m in Q1-19/20

Spinalex’s losses widen to EGP 9m in Q1-19/20
Sales plunged to EGP 46.19 million
SPINALEX
SPIN
-1.01% 4.90 -0.05

Cairo – Mubasher: Alexandria Spinning and Weaving (Spinalex) reported a 112% year-on-year hike in its net losses during the first quarter of fiscal year 2019/2020, dragged by lower sales.

The company suffered net losses of EGP 9.007 million in the July-September period, compared to EGP 4.2 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Monday.

Meanwhile, sales plunged to EGP 46.19 million in the three-month period ended 30 September from EGP 73.3 million in the corresponding period a year earlier.

It is worth mentioning that during FY18/19, the unaudited financials showed net losses of EGP 62.46 million, against net profits of EGP 2.43 million in FY17/18.