Cairo – Mubasher: Oriental Weavers Carpet’s consolidated profits declined 38.3% in the first quarter of 2016, a bourse filing revealed.
Net earnings reached EGP 94 million ($10.6 million) in Q1-16 compared to EGP 152.67 million ($17.2 million) in the first quarter of 2015.
The company raised EGP 1.46 billion from sales during the same span compared to EGP 1.44 billion for the year ago-quarter.
Based on its standalone financial results, its Q1-16 earnings moved up to EGP 68.7 million ($7.7 million) from EGP 57.9 million ($6.5 million) in Q1-15.
Egypt’s carpet and rug manufacturer Oriental Weavers saw a decline of 10% in net profits for the year ended 31 December 2015, posting a net profit of EGP 339 million compared with EGP 377.4 million a year earlier.
