Arab Cotton Ginning Company (ACGC) on Tuesday reported a 23.7% year-on-year drop in its consolidated financial results for the first quarter of fiscal year 2018/2019.
Profits amounted to EGP 166.14 million in the three-month ended September, versus EGP 217.91 million in the prior-year period, ACGC said in a filing to the Egyptian Exchange (EGX).
On the other hand, sales grew to EGP 2.02 billion during in Q1-18/19, from EGP 1.3 billion in the same period a year earlier.
Similarly, cost of sales rose slightly to EGP 1.7 billion at the end of September, versus EGP 1.03 billion in Q1-17/18.
ACGC previously posted an EGP 89.2 million in profits for FY17/18, versus EGP 70.4 million in the previous fiscal year.