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Goldentex incurs EGP 23M loss in H1

Goldentex incurs EGP 23M loss in H1

ArabFinance: Golden Textiles and Clothes Wool (Goldentex) (GTWL) registered a net loss of EGP 23.09 million during the first half (H1) of 2020, according to the company’s consolidated income statement to the Egyptian Exchange.

The company suffered a 174% Year on year (YoY) increase in its net loss compared to EGP 8.42 million in H1 2019.

Goldentex’s H1 2020 sales decreased to EGP 76.70 million from EGP 92.86 million in H1 2019.

As for the second quarter (Q2) of 2020, Goldentex suffered a net loss of EGP 27.37 million, compared with EGP 3.13 million in Q2 2019.

Sales plunged to EGP 10.27 million in Q2 2020, compared with EGP 46.46 million in Q2 2019.

The company’s standalone financials, meanwhile, indicated that net loss deepened 179% YoY to EGP 22.91 million during H1 2020, compared to EGP 8.21 million over the first six months of 2019.

As for Q2 2020 standalone results, the company reported a net loss of EGP 27.27 million. This was 833.9% higher than EGP 2.92 million in Q2 2019.

During the first quarter of 2020, Goldentex posted a consolidated net profit of EGP 4.27 million.


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