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Oriental Weavers witness fall in Q2 profits
17
Aug '10
The largest machine-woven carpet producer of the world, Oriental Weavers, witnessed a 6 percent fall in its net profit of second quarter, due to reduced funds from government economic stimulus program balancing out the sales growth.

Net income during three months was 61 million Egyptian pounds, after minority interest, and rise in revenue by 23 percent at 973 million pounds, as per the company.

As government had not offered the one-off monetary amount, which was allocated in the first half of the previous year as part of the economic stimulus package, net income of the company recorded a plunge, stated the company.

During the initial six months of 2010, state spent 54 million pounds, to spur the activities of the company, while in the corresponding period of 2009 the amount spent was 85.8 million pounds.

Oriental Weavers, which accounts for almost 85 percent of Egypt's carpet industry, sells 45 percent of its produce to the domestic market and the rest to more than 100 countries.

Fibre2Fashion News Desk - India

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