Cairo – Mubasher: Oriental Weavers Carpet on Monday reported a 21% year-on-year drop in consolidated profits for the first quarter of 2018, recording EGP 204.4 million from EGP 257.5 million.
Sales slid to EGP 2.5 billion in the three-month period ended last March, from EGP 2.52 billion in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX).
Meanwhile, standalone profits narrowed to EGP 89.7 million in Q1-18, from EGP 104.8 million in Q1-17.
The Egyptian household durables firm had achieved EGP 741.7 million in profits for the full-year ended December 2017, versus profits of EGP 528.9 million in 2016, including minority shareholders’ rights.
Oriental Weavers’ board had recommended the distribution of EGP 620.76 million cash dividends to shareholders for 2017.
