Spinalex's losses shrink to EGP 18M

Updated 2/12/2020 10:02:00 AM

ArabFinance:  Alexandria Spinning & Weaving (Spinalex) (SPIN) announced the financial results for 1H of 2019/20, which revealed tax-deducted losses of EGP 18,172,114, compared to posting profits EGP 43,790,699 for the same period last year representing 58.8% loss decline. 

The Board of Directors (BoD) approved on Feb. 11, 2019, financial results 1H of 2019/20. The company attributed the increase of losses in 2018 to the costs of the pension plan's early retirement, the company said the statement sent to the Egyptian exchange.