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Arabia Cotton Ginning swings to loss in fiscal Q1

Arabia Cotton Ginning Co. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 362,250 pounds, compared with income of 4.1 million pounds in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.2% from 2.4% in the year-earlier period.

Total revenue grew 23.4% on an annual basis to 213.8 million pounds from 173.2 million pounds, and total operating expenses rose 39.6% on an annual basis to 229.8 million pounds from 164.6 million pounds.

Reported net income totaled a loss of 9.7 million pounds, or a loss of 4 piastres per share, compared to income of 205,000 pounds, or 0 piastres per share, in the prior-year period.

As of Dec. 15, US$1 was equivalent to 7.15 Egyptian pounds.