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Arab Cotton Ginning turns to loss in 9M

Arab Cotton Ginning turns to loss in 9M
The company’s revenues retreated to EGP 1.008 billion
Arab Cotton Ginning
ACGC
-0.29% 3.49 -0.01

Cairo – Mubasher: The unaudited consolidated financial results of Arab Cotton Ginning reported net losses of EGP 65.38 million in the first nine months of fiscal year 2019/2020, against net profits of EGP 18.68 million in the year-ago period.

The company’s revenues retreated to EGP 1.008 billion in the nine-month period ended on 31 March, compared to EGP 1.5 billion in the corresponding period a year earlier, according to a bourse disclosure on Wednesday.

The negative turn in the company’s financial results was ascribed to the losses incurred by its subsidiaries as Modern Nile Cotton Co., Alexandria Spinning and Weaving, and Egyptian Spinning Co suffered net losses of EGP 67 million, EGP 36 million, and EGP 11 million, respectively.

Previously, the standalone financial results of Arab Cotton Ginning showed net profits of EGP 13.41 million in the nine-month period ended on 31 March, down from EGP 30.47 million in the prior-year period.