Cairo – Mubasher: The unaudited standalone financial results of Arab Cotton Ginning revealed a 73.5% year-on-year profit drop during the first half of fiscal year 2019/2020.

Net profits plunged to EGP 4.06 million during the six-month period ended 31 December 2019, compared to EGP 15.34 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The company’s revenues shrank to EGP 14.63 million in H1 of FY19/20 from EGP 28.18 million in the corresponding period a year earlier.

It is worth mentioning that during the first quarter of FY19/20, Arab Cotton Ginning incurred net losses of EGP 30.18 million, against net profits of EGP 2.76 million in the year-ago period.