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Egypt's Kabo posts full-year net loss: Bourse

Reuters, Thursday 15 Sep 2011

Garment maker takes an LE11 million hit, its second annual net loss, losing LE4 million in exports after being hit by a labour strike

Egyptian garment maker El Nasr Clothing & Textiles Co. (Kabo) reported a net loss in for the year 2010-11 of LE11 million, the bourse said on Thursday.

Last month the company, one of the earliest public firms to be privatised, said it lost exports worth about LE4 million after it was hit by a labour strike.

The firm, which has retail outlets in Egypt under its flagship brand Jil, reported a net loss in fiscal year 2009-2010 of LE13.3 million, the Bourse statement said.

Kabo is 49 per cent owned by Amwal Al Arabia, the textiles arm of Arab Cotton Ginning Co and sister company Egypt Ginning. Kabo owns Wave, a local apparel retailer, and has a stake in Alexandria Spinning and Weaving.

 
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