Cairo - Mubasher: Arab Polvara Spinning and Weaving reported an 82% retreat in losses in FY2015-2016 according to the company’s unaudited financial results.

The company’s net losses declined to EGP 9.3 million in the fiscal year that ended on 30 June 2016, from EGP 51.3 million in the year before.

Arab Polvara also said that it will hold another auction by the end of October for its unused land plots after the first auction didn’t reach a suitable price