Oriental Weavers Reports Lower Profit

Cairo, Egypt, Nov. 21, 2011 -- Egypt's Oriental Weavers reported a 23% decline in nine-month profit due to soaring raw material prices, according to The National.

Net income for the year to Sept. 30 reached $31 million, compared with $40.4 million in the same period a year earlier, the company said in a statement.

Oil trading at above $110 a barrel on average during the third quarter eroded the company's margins. Oriental Weavers uses a number of oil-based raw materials that account for approximately 55% of the total cost of production.