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Arab Cotton Ginning reports 53% lower loss in Q1-20/21

Arab Cotton Ginning reports 53% lower loss in Q1-20/21
Revenues slid to EGP 245.17 million in the July-September period
Arab Cotton Ginning
ACGC
-0.40% 1.73 -0.01

Cairo – Mubasher: The consolidated net losses of Arab Cotton Ginning shrank by 53.4% year-on-year (YoY) to EGP 14.3 million in the first quarter (Q1) of fiscal year 2020/2021, compared to EGP 30.09 million.

Revenues slid to EGP 245.17 million in the July-September period from EGP 336.59 million in the corresponding period a year earlier, the company said in a bourse disclosure on Thursday.

Previously, the standalone financial indicators showed net losses of EGP 3.33 million in Q1 of FY20/21, down from EGP 7.01 million in the year-ago period.

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.