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Oriental Weavers Q1 profit climbs 5.5% YOY

Oriental Weavers Co. for Carpets SAE said its normalized net income for the first quarter was 23 Egyptian piastres per share, an increase of 5.5% from 22 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 104.1 million pounds, an increase of 5.5% from 98.7 million pounds in the year-earlier period.

The normalized profit margin increased to 7.2% from 7.0% in the year-earlier period.

Total revenue increased on an annual basis to 1.44 billion pounds from 1.42 billion pounds, and total operating expenses rose year over year to 1.30 billion pounds from 1.26 billion pounds.

Reported net income rose year over year to 146.4 million pounds, or 33 piastres per share, from 143.1 million pounds, or 32 piastres per share.

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