Spinalex narrows loss by 18.5%
Updated 2/14/2021 10:38:00 AM
ArabFinance: Alexandria Spinning and Weaving Company (Spinalex) (SPIN) posted an 18.5% Year on Year drop in its net loss during the July-December 2020, according to the company’s unaudited financial statements to the Egyptian Exchange on February 14th.
Net loss stood at EGP 14.8 million during the six-month period ended December 31st 2020, compared to EGP 18.17 million in the same period a year ago.
On a yearly basis, the listed company incurred a net loss after tax worth EGP 9.24 million
during the first quarter of the fiscal year 2020/2021.
Spinalex is an Egypt-based public shareholding company engaged in the cotton and textile industries through manufacturing, trading, and exporting cotton flowers, yarn, thread, cotton fibres, and related textile products.
The company’s yarn manufacturing plant consists of cotton blowing, carding, drawing, roving, spinning, and winding mills.
