Cairo – Mubasher: Alexandria Spinning and Weaving (Spinalex) reported a decline in losses by 39.4% during the first half (H1) of fiscal year (FY) 2019/2020, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
Losses amounted to EGP 18.17 million between July and December of last year, compared with EGP 43.7 million for the same period in 2018, as shown by the company's financial results.
This comes despite a decline in revenues to EGP 84.4 million, compared with EGP 139.3 million for the corresponding period in FY19/20.
Spinalex achieved losses of around EGP 9 million in the first quarter (Q1) of FY19/20.
