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Arab Cotton Ginning's loss down 53% in Q1 initial standalone results

Arab Cotton Ginning's loss down 53% in Q1 initial standalone results
Revenues increased to about EGP 427,000
Arab Cotton Ginning
ACGC
1.40% 1.89 0.03

Cairo – Mubasher: The unaudited standalone financial results of Arab Cotton Ginning showed net losses of EGP 3.33 million in the first quarter (Q1) of fiscal year 2020/2021, down by 53% year-on-year (YoY) from EGP 7.01 million.

Revenues increased to about EGP 427,000 in the July-September period from around EGP 8,000 in the year-ago period, the company said in a bourse disclosure on Tuesday.

During FY19/20, Arab Cotton Ginning turned to net losses of EGP 188.39 million, against net profits of EGP 1.66 million a year earlier, the consolidated financial results showed.