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Golden Textiles & Clothes Wool Q2 profit climbs YOY

Golden Textiles & Clothes Wool said its second-quarter normalized net income amounted to 15 Egyptian piastres per share, a gain from 6 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 2.6 million pounds, a gain from 961,130 pounds in the year-earlier period.

The normalized profit margin rose to 6.3% from 3.7% in the year-earlier period.

Total revenue increased 55.1% year over year to 40.7 million pounds from 26.3 million pounds, and total operating expenses increased 50.1% year over year to 36.5 million pounds from 24.3 million pounds.

Reported net income grew from the prior-year period to 2.9 million pounds, or 17 piastres per share, from 1.2 million pounds, or 7 piastres per share.

As of Aug. 7, US$1 was equivalent to 7.83 Egyptian pounds.