Oriental Weavers To Delay Construction of Complex

Cairo, Egypt, Jan. 5, 2009--Oriental Weavers said it would delay construction work for an industrial complex from mid-2009 to 2010 because of the global financial crisis.

"In light of the decline recently in the world financial markets, the management of the company saw fit to move construction work planned for mid-2009 to the beginning of 2010," the company said in a statement.

The company, however, has not seen any decline in its growth rate, productivity or sales, the statement said.

In November, Oriental Weavers reported a 48 percent increase in net profit. It maintained its full-year profit growth target of between 10 to 12 percent.