Cairo - Mubasher: Arafa for Investment and Consultancies reported a 6,775% year-on-year (YoY) surge in its consolidated net losses to $9.9 million in the February-April period, compared to $144,009. 

The revenues declined to $28.77 million during the first quarter (Q1) of the company's fiscal year (FY) 2021/2022, compared to $40.27 million in the year-ago period, according to a bourse disclosure on Thursday. 

The decline in the company's consolidated sales was ascribed to the repercussions of the coronavirus pandemic. The Swiss Ready-Made Clothes Co and Egypt Tailoring reported the largest drops in sales, followed by the retail sector of the UK's Bird Group. 

As for standalone business, the company's net profits fell to $520,330 in the three-month period ended 30 April, compared to $1.72 million in the corresponding period a year earlier. 

In the company’s FY ended 31 January, Arafa for Investment and Consultancies turned to net losses of $6.36 million, against net profits of $15.2 million a year earlier, including minority shareholders’ rights.