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Unirab Polvara Spinning & Weaving Q1 loss widens 29.6% YOY

Unirab Polvara Spinning & Weaving Co. said its first-quarter normalized net income amounted to a loss of 19 Egyptian piastres per share, compared with a loss of 15 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 18.2 million pounds, compared with a loss of 14.1 million pounds in the year-earlier period.

The normalized profit margin declined to negative 59.9% from negative 25.4% in the year-earlier period.

Total revenue decreased 45.2% on an annual basis to 30.4 million pounds from 55.5 million pounds, and total operating expenses declined 12.0% year over year to 68.4 million pounds from 77.7 million pounds.

Reported net income came to a loss of 29.2 million pounds, or a loss of 31 piastres per share, compared to a loss of 22.5 million pounds, or a loss of 24 piastres per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 7.83 Egyptian pounds.