Cairo – Mubasher: The unaudited consolidated financial results of Arab Cotton Ginning showed a 2,897% rise in its net losses during the first half of fiscal year 2019/2020.

The company’s net losses swelled to EGP 28.12 million during the six-month period ended 31 December 2019, compared to nearly EGP 938,000 in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Monday.

In the meantime, revenues shrank to EGP 635.03 million in H1 of FY19/20 from EGP 808.47 million in the corresponding period a year earlier.

The company ascribed the increase in net losses to a slide in revenues, an increase in financing expenses to EGP 80 million from EGP 68 million, and a fall in investment revenues to about EGP 123,000 from EGP 9 million.

It is worth mentioning that the company’s unaudited standalone financial results showed net profits of EGP 4.06 million in H1 of FY19/20, down from EGP 15.34 million in the prior-year period.