Egypt garment maker Arafa Holding Q2 profits fall 21.8%

Egyptian garment maker and exporter Al Arafa for Investments and Consultancies (AIVC.CA)reported a 21.8 percent fall in profits during second quarter of the year starting from 1 May until 30 July.

Net profits reached $1.79 million in the second quarter of 2016 compared to $2.29 million during the same period of previous year.

The company’s financial year begins in February.

During the second quarter, the company registered revenues of $62.412 million against $74.081 million in the comparable period a year ago.

On the six-month level, Arafa’s net profits grew 2.99 percent to $3.55 million, compared to $3.45 million in the first half of 2015.

First half revenues fell to $122.588 million from $136.066 million registered a year prior.

According to standalone results, the investment company gained$1.69 million during the second quarter of 2016 versus $496,230 registered during the same period last year.