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Egyptian textile company posts EGP 2.1bn loss in 2013-14
18
Jun '14
The Holding Company for Spinning and Weaving, a public sector enterprise run by the Government of Egypt, has incurred a loss of EGP 2.1 billion for the ongoing financial year 2013-14, the company’s chairman Ahmed Mustafa has said.
 
Addressing a press conference, Mr. Mustafa said the loss has increased this fiscal compared to loss of EGP 1.8 billion registered in fiscal year 2012-13 that ended on June 30, 2013, according to a Daily News Egypt report.
 
In 2013-14, the total wages distributed by the company stood at EGP 2.3 billion, as against the previous fiscal’s figure of EGP 1.9 billion, he informed.
 
The Holding Company for Spinning and Weaving comprises 32 subsidiary companies, including 9 cotton companies and 22 spinning and weaving companies.
 
Mr. Mustafa suggested that closing these companies would be best from a financial perspective.
 
According to him, the coming months will be important as losses needed to be reduced in order to turn the units into profit-making.
 
He said losses are likely to decrease to EGP 1.4 billion in the next fiscal year 2014-15 that begins on July 1, 2014.
 
To achieve this, Mr. Mustafa urged board members to solve issues with labour leaders and remove factional demands, to ensure that production capacities are not slowed. He further urged companies to get rid of their idle stock of cotton, yarn and fabric.
 
Meanwhile, Egypt’s Ministry of Finance has decided to provide EGP 200 million worth of cotton subsidies to support textile companies in the country.
 

Fibre2fashion News Desk - India

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