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Golden Textiles & Clothes Wool Q1 profit falls YOY

Golden Textiles & Clothes Wool said its normalized net income for the first quarter came to 12 Egyptian piastres per share, a decrease of 46.5% 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 1.7 million pounds, a decline of 46.5% from 3.2 million pounds in the year-earlier period.

The normalized profit margin fell to 4.5% from 7.2% in the year-earlier period.

Total revenue declined 14.1% year over year to 38.0 million pounds from 44.2 million pounds, and total operating expenses fell 12.0% on an annual basis to 34.0 million pounds from 38.7 million pounds.

Reported net income fell 50.7% year over year to 1.8 million pounds, or 12 piastres per share, from 3.6 million pounds, or 25 piastres per share.

As of May 25, US$1 was equivalent to 8.88 Egyptian pounds.