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Golden Textiles & Clothes Wool Q1 profit climbs YOY

Golden Textiles & Clothes Wool said its normalized net income for the first quarter amounted to 22 Egyptian piastres per share, an increase from 7 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million pounds, a gain from 932,450 pounds in the year-earlier period.

The normalized profit margin climbed to 7.2% from 3.5% in the year-earlier period.

Total revenue grew 67.5% year over year to 44.2 million pounds from 26.4 million pounds, and total operating expenses grew 63.9% from the prior-year period to 38.7 million pounds from 23.6 million pounds.

Reported net income grew 95.5% from the prior-year period to 3.6 million pounds, or 25 piastres per share, from 1.8 million pounds, or 13 piastres per share.

As of May 15, US$1 was equivalent to 7.63 Egyptian pounds.