Cairo – Mubasher: The unaudited financial results of Arab Cotton Ginning showed a turn to losses during the first quarter of fiscal year 2019/2020.
The Egyptian firm suffered net losses of EGP 30.18 million during the three-month period ended 30 September, against net profits of EGP 2.76 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
In the meantime, revenues increased to EGP 336.5 million in the July-to-September period, compared to EGP 320.6 million in the corresponding period a year earlier.
The company ascribed the negative turn in Q1-19/20 financials to the rise in cost of sales to EGP 308 million from EGP 275 million and the increase in financing expenses to EGP 38 million from EGP 21 million.
As for standalone business, the company suffered net losses of EGP 7.01 million in the first three months of FY19/20, compared to EGP 2.55 million in the prior-year period.
It is worth mentioning that during FY18/19, Arab Cotton Ginning logged a net profit of EGP 1.66 million, down from EGP 166.1 million in FY17/18, including minority shareholders’ rights.
