/Egyptian Textile Company Loses 100 Million Egyptian Pounds

According to Egypt’s “Daily News” report on the 18th, the chairman of the Egyptian Textile Joint Stock Company said that the textile company’s losses in this fiscal year totaled 2.1 billion Egyptian pounds, which was higher than the level of 1.8 billion Egyptian pounds in the 2012/2013 fiscal year. Salary expenses for this fiscal year are 2.3 billion Egyptian pounds, compared with 1.9 billion Egyptian pounds in the previous fiscal year.
The Egyptian Textile Joint Stock Company includes 32 branches, including 9 cotton companies and 22 textile companies. Only the cotton company is profitable.