Oriental Weavers Second Quarter Profit Declines

Cairo, Egypt, Aug. 16, 2011 -- Egypt's Oriental Weavers posted a 4.4% decline in second-quarter net profit, as raw material costs offset strong sales.

The machine-woven carpet maker said on Monday its net income fell to $9.7 million from 60.7 million in the same period of 2010.

However sales rose 16%, mainly due to a recovery in demand in the Egyptian market for rugs and carpets after the overthrow of Egypt's president in February.