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Alexandria Spinning & Weaving fiscal Q2 loss widens 42.3% YOY

Alexandria Spinning & Weaving Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to a loss of 2 Egyptian piastres per share, compared with a loss of 2 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 6.5 million pounds, compared with a loss of 4.5 million pounds in the prior-year period.

The normalized profit margin fell to negative 14.2% from negative 8.9% in the year-earlier period.

Total revenue declined 11.1% on an annual basis to 45.4 million pounds from 51.1 million pounds, and total operating expenses decreased from the prior-year period to 51.7 million pounds from 54.0 million pounds.

Reported net income came to a loss of 9.5 million pounds, or a loss of 3 piastres per share, compared to a loss of 7.6 million pounds, or a loss of 3 piastres per share, in the prior-year period.

As of Feb. 11, US$1 was equivalent to 7.83 Egyptian pounds.