Egypt Textile Holdings 2013/2014 Lost $300 Million

< p > > Egypt a target= "_blank" href= "//www.sjfzxm.com/" > textile < /a > holding company (Holding Company for Cotton, for) is the leader of the Egyptian textile industry, with 32 companies covering 9 Cotton Corp and 22 spinning, weaving and dyeing and finishing companies. The chairman of the holding group recently revealed that the group lost 2 billion 100 million Egyptian pounds, or about 300 million US dollars.

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< p > the group is Egypt's largest state-run textile industry factory, located in Egypt, < a href= "//www.sjfzxm.com/news/index_s.asp" > cotton > /a > production center, Mahalla, facing company liquidation in 2012, strike in 2013, trade union reorganization, workers' request to issue year-end bonus and so on. The storm continues, and 20 thousand workers are on the streets frequently. In this (2014) mid February strike, more than a week is required, and the minimum wage is required. As a result, the chairman will be ousted, and the former Prime Minister Hazem El-Beblawi, Hazem El-Beblawi will automatically resign at the end of February.

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< p > financial difficulties resulted from Chen textile in Egypt textile holding company. The new chairman Ahmed Mustafa felt at the end of the year of 2013/2014 and carried out group financial statements, which resulted in an increase of 300 million Egyptian pounds (about 43 million US dollars) over the previous year, mainly due to the implementation of the minimum wage policy. The sum of the total staff salaries of the whole group rose from 1 billion 900 million Egyptian pounds last year (about 270 million US dollars) to 2 billion 300 million Egyptian pounds (about 330 million US dollars).

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< p > is related to the lifeblood of the Egyptian cotton textile industry. The Egyptian Ministry of Finance granted 200 million Egyptian pounds (about 30 million U.S. dollars) to the factory that used Egyptian cotton, but it seems unable to alleviate the plight of the group. Ahmed Mustafa said that the current solution is to eliminate inventory and unite labour to boost efficiency. In terms of finance, closing up some serious loss companies is the best way, hoping that the financial loss in 2014/2015 will be as low as 1 billion 400 million Egyptian pounds (about 200 million dollars).

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"P" > a href= "//www.sjfzxm.com/news/index_c.asp" > Egyptian Textile Holding Company < /a > Dong asked for direct subsidy to cotton farmers instead of companies, but still had to wait for the new prime minister Ibrahim Mahleb ruling.

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