Egypt's Kabo posts wider first-quarter net loss

Egyptian garment marker El Nasr Clothing & Textiles Co (Kabo) reported a wider net loss for the first quarter, the bourse said on Tuesday. Net loss for the quarter was 5.65 million Egyptian pounds ($938,700), compared with a loss of 1.25 million Egyptian pounds in the same period last year, according to a bourse statement. The firm has retail outlets in Egypt under its flagship brand Jil. 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. Last August, the company, one of the earliest public firms to be privatised, said it lost exports worth about 4 million Egyptian pounds after it was hit by a labour strike inspired by the Egyptian uprising that toppled President Hosni Mubarak in February.