Cairo – Mubasher: Oriental Weavers Carpet on Thursday reported a 27% year-on-year drop in consolidated profits for the first nine months of 2018.
Net profit fell to EGP 436.4 million in the nine-month period ended September, from EGP 598.7 million in the year-ago period, the household durables firm said in a filing to the Egyptian Exchange (EGX).
Sales rose slightly to EGP 7.59 billion at the end of September from EGP 7.54 billion in the corresponding nine-month period of 2017.
At the level of standalone business, profits surged to EGP 380.4 million in the January-September period of this year, versus EGP 297.6 million in the prior-year period.
Oriental Weavers previously said its consolidated profits fell by 31.3% year-on-year in the first half of 2018, registering EGP 326.38 million in profits, versus EGP 475.03 million.
On the other hand, standalone profits grew to EGP 211.37 million in H1-18, versus EGP 184.95 million in the same period a year earlier.
