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Arab Cotton Ginning turns to loss in FY19/20 initial consolidated results

Arab Cotton Ginning turns to loss in FY19/20 initial consolidated results
Sales retreated to EGP 1.08 billion in the year ended 30 June
Arab Cotton Ginning
ACGC
-0.40% 1.73 -0.01

Cairo – Mubasher: Arab Cotton Ginning turned to net losses of EGP 188.39 million during fiscal year 2019/2020, against net profits of EGP 1.66 million a year earlier, the unaudited consolidated financial results showed.  

The company’s sales retreated to EGP 1.08 billion in the year ended 30 June from EGP 1.66 billion in FY18/19, according to a bourse disclosure on Tuesday.

The negative turn in the annual financial results was ascribed to the net losses reported by its subsidiaries during the year. Modern Nile Cotton incurred net losses of EGP 170 million, while the Egyptian Spinning and Weaving Co and El Nasr Clothing and Textiles (KABO) reported net losses of EGP 17 million and EGP 76 million, respectively.

Earlier, the company reported standalone net profits of EGP 15.16 million in FY19/20, down from EGP 33.73 million in the prior year.