Cairo - Mubasher: Arab Cotton Ginning recorded a 65% year-on-year (YoY) decline in its consolidated net losses to EGP 22.71 million in the first nine months of the fiscal year (FY) 2020/2021, compared to EGP 65.38 million, the unaudited financial results showed. 

The revenues retreated to EGP 925.32 million in the nine-month period ended 31 March, compared to EGP 1.008 billion in the corresponding period a year earlier, the company said in a bourse disclosure on Sunday.

As for standalone business, the company logged net profits of EGP 27.76 million during the July-March period, up from EGP 13.4 million in the year-ago period.

During the first half (H1) of FY20/21, the company turned to net profits of EGP 692,000, versus net losses of EGP 28.12 million in the year-ago period.