Cairo – Mubasher: Alexandria Spinning and Weaving (Spinalex) announced turning to loss during fiscal year 2018/2019, according to the company’s financial indicators.
The company incurred net losses of EGP 62.46 million from July 2018 to last June, against net profits of EGP 2.43 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
Spinalex attributed the negative turn in its financial results to the payment of early pension amounting to EGP 38.24 million to employees.
Meanwhile, the company’s revenues retreated to EGP 258.61 million in FY18/19, compared to EGP 290.69 million in FY17/18.
During the first nine months of FY18/19, Spinalex reported a loss of EGP 46.46 million, rising by 1,937% year-on-year from EGP 2.28 million.
