Cairo – Mubasher: Arab Cotton Ginning Company incurred consolidated net losses of EGP 23.047 million in fiscal year (FY) 2020/2021, down by 88% year-on-year (YoY) from EGP 188.39 million, the unaudited financial results showed. 

The revenues increased to EGP 1.27 billion in the year ended 30 June, compared to EGP 1.082 billion a year earlier, the company said in a bourse disclosure on Wednesday. 

Earlier, the company reported its standalone net profits at EGP 35.73 million in FY20/21, up from EGP 15.31 million in FY19/20. 

In the first nine months of FY20/21, the company posted consolidated net losses of EGP 22.71 million, compared to EGP 65.38 million in the same period in FY19/20.