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Alexandria Spinning & Weaving fiscal Q1 loss widens 75.5% YOY

Alexandria Spinning & Weaving Co. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 3 Egyptian piastres per share, compared with a loss of 2 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.9 million pounds, compared with a loss of 5.6 million pounds in the prior-year period.

The normalized profit margin increased to negative 18.8% from negative 18.9% in the year-earlier period.

Total revenue rose 76.9% year over year to 52.5 million pounds from 29.7 million pounds, and total operating expenses increased 86.3% from the prior-year period to 63.2 million pounds from 33.9 million pounds.

Reported net income came to a loss of 14.7 million pounds, or a loss of 5 piastres per share, compared to a loss of 9.1 million pounds, or a loss of 3 piastres per share, in the prior-year period.

As of Nov. 12, US$1 was equivalent to 7.83 Egyptian pounds.