Egypt’s Arafa: Net Profits Fall 13.5% in 9 Months on Exchange Rate

Egypt’s largest garment exporter, Arafa Investment and Consulting (Arafa Holding) (AIVC.CA) has reported on Sunday a decline of around 13.5% in its consolidated net profits for the first nine months of 2013 to US $ 5.455 million, versus US $ 6.306 million recorded for the same period  a year earlier.

According to the company’s release, the profit decline is attributed to the changes in exchange rates during the nine-month period, in addition to political unrest.