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Golden Textiles & Clothes Wool Q4 profit climbs YOY

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Golden Textiles & Clothes Wool Q4 profit climbs YOY

Golden Textiles & Clothes Wool said its fourth-quarter normalized net income came to 13 Egyptian piastres per share, an increase from 5 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 1.9 million pounds, an increase from 773,190 pounds in the year-earlier period.

The normalized profit margin rose to 4.3% from 2.3% in the year-earlier period.

Total revenue climbed 29.4% on an annual basis to 44.4 million pounds from 34.3 million pounds, and total operating expenses increased 26.7% on an annual basis to 39.9 million pounds from 31.5 million pounds.

Reported net income totaled 1.7 million pounds, or 12 piastres per share, compared to a loss of 82,050 pounds, or a loss of 1 piastres per share, in the year-earlier period.

For the year, the company's normalized net income totaled 65 piastres per share, a gain from 10 piastres per share in the prior year.

Normalized net income was 9.3 million pounds, an increase from 1.4 million pounds in the prior year.

Full-year total revenue increased 47.2% from the prior-year period to 165.9 million pounds from 112.7 million pounds, and total operating expenses rose 43.5% on an annual basis to 148.5 million pounds from 103.5 million pounds.

The company said reported net income increased on an annual basis to 10.4 million pounds, or 73 piastres per share, in the full year, from 1.3 million pounds, or 9 piastres per share.

As of Feb. 19, US$1 was equivalent to 7.83 Egyptian pounds.