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Arab Cotton Ginning sees higher standalone losses in Q1-FY22/23

Arab Cotton Ginning sees higher standalone losses in Q1-FY22/23
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Arab Cotton Ginning
ACGC
-2.84% 3.08 -0.09

Cairo – Mubasher: Arab Cotton Ginning Company has reported standalone net losses of EGP 12.14 million during the first quarter (Q1) of fiscal year (FY) 2022/2023, a yearly surge of 56% when compared to EGP 7.76 million.

Basic loss per share stood at EGP 0.046 in the first three months of FY22/23, up 0.017% yearly from EGP 0.029, according to a bourse filing on Tuesday.

During FY ended 30 June 2022, the company shifted to consolidated net profits after tax of EGP 208.25 million, against net losses of EGP 47.46 million in FY20/21.

Revenues of the company reached EGP 2.07 billion during the July-June period of FY21/22, up 63% from EGP 1.27 billion a year earlier.

During FY21/22, Arab Cotton Ginning reported standalone net profits after tax of EGP 34.22 million, compared to net profits of EGP 35.73 million a year earlier.