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Golden Textiles & Clothes Wool Q3 profit falls YOY

Golden Textiles & Clothes Wool said its normalized net income for the third quarter amounted to 7 Egyptian piastres per share, a decrease of 39.4% from 11 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 1.0 million pounds, a decline of 37.1% from 1.6 million pounds in the year-earlier period.

The normalized profit margin dropped to 2.4% from 4.4% in the year-earlier period.

Total revenue increased 15.2% year over year to 42.1 million pounds from 36.5 million pounds, and total operating expenses grew 19.0% on an annual basis to 39.8 million pounds from 33.4 million pounds.

Reported net income decreased 56.3% on an annual basis to 1.2 million pounds, or 8 piastres per share, from 2.9 million pounds, or 19 piastres per share.

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