Oriental Weavers Income Rises 37 Percent

Cairo, Egypt, March 22, 2011 -- Rug maker Oriental Weavers reported a 37% increase in fourth-quarter income on higher sales and prices.

Net income from operations rose to $18.1 million from $13.1 million a year earlier.

The company said that sales growth was driven by significant export expansion and the company gained marketshare in North America and Europe.

Sales in the three months ended December rose 15% to $188.3 million, from $163.5 million a year earlier.

“Given the impact on raw materials prices of rapidly rising oil prices in recent weeks, we may consider price increases in addition to a more balanced product mix combining natural fibers and synthetic fibers,” the company said in a press release.