Oriental Weavers Second Quarter Profit Falls

Cairo, Egypt, Aug. 17, 2010--Oriental Weavers reported a 6% decline in second-quarter net profit.

Net income was 61 million Egyptian pounds in the three-month period, the company said, on revenue up 23% at 973 million pounds.

Net income fell because of "the absence of the substantial one-off (extra) monetary amount that was given in the first half of 2009 by the government as part of the economic stimulus package", the company said in a press release.

In the first half of 2010, state spending to boost the firm's activities totalled 54 million pounds, down from to 85.8 million in the same period of 2009.

It said second-quarter revenue grew thanks to a strong pick-up in export sales of 35%, driven mostly by Europe and North America.