Cairo – Mubasher: Arab Cotton Ginning Company incurred consolidated net losses of EGP 47.46 million in fiscal year (FY) 2020/2021, down by 68.2% year-on-year (YoY) from EGP 149.5 million. 

The net losses attributed to the parent company's shareholders retreated to EGP 23.05 million in FY20/21 from EGP 188.39 million a year earlier, while the profits attributed to minority interests recorded EGP 24.41 million, versus net losses of EGP 38.86 million in FY19/20, the company said in a bourse disclosure on Tuesday. 

The sales grew to EGP 1.27 billion in the year ended 30 June, compared to EGP 1.08 billion a year earlier. 

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.