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Oriental Weavers Q2 profit climbs 43.7% YOY

Oriental Weavers Co. for Carpets SAE said its normalized net income for the second quarter amounted to 25 Egyptian piastres per share, an increase of 43.7% from 18 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 112.4 million pounds, an increase of 43.7% from 78.3 million pounds in the prior-year period.

The normalized profit margin increased to 7.3% from 5.1% in the year-earlier period.

Total revenue came to 1.55 billion pounds, compared with 1.54 billion pounds in the year-earlier period, and total operating expenses fell year over year to 1.38 billion pounds from 1.41 billion pounds.

Reported net income grew 38.6% year over year to 159.0 million pounds, or 36 piastres per share, from 114.7 million pounds, or 26 piastres per share.

As of Aug. 2, US$1 was equivalent to 8.83 Egyptian pounds.