Cairo – Mubasher: Arab Cotton Ginning turned to net profits of EGP 692,000 in the first half (H1) of fiscal year 2020/2021, versus net losses of EGP 28.12 million in the year-ago period, the unaudited consolidated financial results showed.

The company achieved revenues of EGP 563.74 million in the July-December period of 2020, down from EGP 635.03 million in the corresponding period a year earlier, according to a bourse disclosure on Wednesday.

The positive turn in the semiannual financial results was attributed to lower financing expenses of affiliated companies and general and selling expenses as well as higher investment revenues and other income.

Earlier, the company reported standalone net profits of EGP 24.94 million in H1 of FY20/21, compared to EGP 4.06 million in the same period of FY19/20.

During the first quarter (Q1) of FY20/21, the company suffered net losses of EGP 14.3 million, down from EGP 30.09 million in the prior-year period.