Oriental Weavers profit fell 4.4% in Q2
17 Aug 2011
(MENAFN) Egypt’s Oriental Weavers’ chairman, Mohamed Farid Khamis, said that the company recorded a 4.4 percent decrease in the second-quarter net profit to USD9.7 million from 60.7 million in the same period of 2010, , reported Arabian Business.
Khamis also said that the world’s biggest machine-woven carpet maker net income fell as a rise in raw material costs offset strong revenue growth. However, sales rose 16 percent to USD182 million, mainly due to a recovery in demand in the Egyptian market for rugs and carpets.
The chairman added that the second quarter of 2011, which is considered the slowest period of the year, showed the strongest-ever top-line growth for a second quarter in Oriental Weavers’ history.
Khamis said that sales to export markets increased by 12 percent, year-on-year, outperforming an industry averaging 8 to 10 percent export growth. He said that Asia was a strong performer while Europe, the US and Canada began a recovery from a long slump.