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Oriental Weavers Q3 profit climbs YOY

Oriental Weavers Co. for Carpets SAE said its third-quarter normalized net income amounted to 21 Egyptian piastres per share, a gain from 8 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 94.2 million pounds, a gain from 36.6 million pounds in the prior-year period.

The normalized profit margin climbed to 6.1% from 2.4% in the year-earlier period.

Total revenue rose on an annual basis to 1.54 billion pounds from 1.52 billion pounds, and total operating expenses declined 7.2% on an annual basis to 1.38 billion pounds from 1.49 billion pounds.

Reported net income rose year over year to 133.0 million pounds, or 30 piastres per share, from 32.5 million pounds, or 7 piastres per share.

As of Nov. 11, US$1 was equivalent to 16.48 Egyptian pounds.