Arab Cotton Ginning FY13/14 profit slumps 63% to EGP24 mln

The board of Arab Cotton Ginning Co. endorsed standalone financial indicators for the fiscal year that ended on June 30, 2014.
These indicators showed a drop in net profit by 63% to EGP 23.9 million, compared with EGP 94.6 million in the same period a year earlier.
The company had posted a 58.2% fall in net profit for the first nine months of FY13/14 to EGP 8.12 million, compared with EGP 19.47 million net profit in the same period a year earlier.
The company had reported EGP 1.55 million net profits in H1-FY13/14 with decline by 48.67% from EGP 3.02 million a year-over-year.
The company announced, recently, that AK III Limited sold 8,343,870 shares in the company, thus reducing its stake to 11.0165% from 14.0976%. ACGC logged EGP 5.2 million net losses in the first nine months of FY13/14, with a decline of 60% from EGP 12.8 million losses a year earlier.