Cairo – Mubasher: Alexandria Spinning and Weaving (Spinalex) logged net profits after tax of EGP 1.15 million during the first quarter (Q1) of FY22/23, a drop of 42% from EGP 1.97 million in the year-ago quarter.

The company’s revenues went down by 2% annually during the July-September period in FY22/23 to reach EGP 35.32 million, compared to EGP 35.91 million, according to a stock exchange statement on Sunday.

Profit margin recorded 15% in Q1-FY22/23, up 6% when compared to EGP 14% in the same period in FY21/22.