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Golden Textiles & Clothes Wool Q2 profit falls YOY

Golden Textiles & Clothes Wool said its second-quarter normalized net income amounted to 9 Egyptian piastres per share, a decrease of 40.2% from 15 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 1.3 million pounds, a decline of 48.4% from 2.6 million pounds in the prior-year period.

The normalized profit margin declined to 3.5% from 6.3% in the year-earlier period.

Total revenue declined 7.3% year over year to 37.8 million pounds from 40.7 million pounds, and total operating expenses fell from the prior-year period to 35.1 million pounds from 36.5 million pounds.

Reported net income fell 44.2% on an annual basis to 1.6 million pounds, or 11 piastres per share, from 2.9 million pounds, or 17 piastres per share.

As of Aug. 22, US$1 was equivalent to 8.88 Egyptian pounds.