Egypt’s Oriental Weavers first half profits fall 31.3%

Big 5

Egypt’s Oriental Weavers Carpet reported on Wednesday a 31.3 decline in its first half profits to 326.38 million pounds from 475.03 million pounds last year.

Standalone profits surged to 211.37 million pounds, versus 184.95 million pounds, the company said in a filing to the Egyptian Exchange (EGX).

Oriental Weavers achieved a net profit worth 204.4 million pounds during the first quarter of the current year, up 21 percent from 257.5 million pounds during the same period in 2017.