Cairo – Mubasher: The financial indicators of Alexandria Spinning and Weaving (Spinalex) showed a 7.8% year-on-year decline in losses for the first quarter of fiscal year 2018/2019.
Net loss amounted to EGP 4.23 million in the three-month period, compared to EGP 4.59 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX) on Thursday.
Revenues rose to EGP 73.31 million at the end of September, up from EGP 68.15 million in the same period last year.
The company has trimmed its losses on the back of the growth in its sales, according to the filing.
Spinalex previously logged EGP 2.4 million in profits during FY17/18, versus profits of EGP 18.6 million a year earlier.
