Cairo – Mubasher: Nile Cotton Ginning reported a 42% increase in annual losses, according to a bourse filing.
The company logged EGP 11.8 million ($1.3 million) losses in the fiscal year 2015/16, compared with EGP 8.3 million losses ($934,000) a year earlier.
Higher losses were driven by lower sales activity that declined 71% year-on-year to EGP 3.5 million from EGP 12.3 million.
The company’s fiscal year starts on the first of July.
