ArabFinance: Alexandria Spinning and Weaving Company (Spinalex) (SPIN) incurred a net loss after tax worth EGP 9.24 million during Quarter one (Q1) of fiscal year (FY) 2020/2021, according to a disclosure to the Egyptian Exchange.

The figure came 2.7% higher than the EGP 9 million posted in the same period a year earlier, Spinalex added.

Sales plunged 65.6% Year on Year to EGP 15.89 million during the July-September period of 2020, compared with EGP 46.19 million.

During FY 2019/2020, Spinalex reported a net profit after tax of EGP 97.59 million.