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Alexandria Spinning & Weaving fiscal Q3 loss narrows YOY

Alexandria Spinning & Weaving Co. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 2 Egyptian piastres per share, compared with a loss of 3 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 6.8 million pounds, compared with a loss of 9.0 million pounds in the prior-year period.

The normalized profit margin increased to negative 15.4% from negative 17.0% in the year-earlier period.

Total revenue fell 16.8% on an annual basis to 44.1 million pounds from 53.0 million pounds, and total operating expenses declined 16.4% on an annual basis to 48.5 million pounds from 58.1 million pounds.

Reported net income totaled a loss of 10.0 million pounds, or a loss of 3 piastres per share, compared to a loss of 14.7 million pounds, or a loss of 5 piastres per share, in the prior-year period.

As of May 13, US$1 was equivalent to 8.88 Egyptian pounds.