Cairo – Mubasher: Oriental Weavers Carpet on Wednesday reported a 14% year-on-year drop in consolidated profits for the third quarter of 2017 due to higher expenses.
Net profit amounted to EGP 123.7 million in the three-month period ended September 2017, versus EGP 143.7 million in the prior-year period, the company highlighted in a filing to the Egyptian Exchange (EGX).
Sales increased to EGP 2.6 billion in Q3-17 from EGP 1.5 billion in Q3-16, while the cost of sales rose to EGP 2.3 billion from EGP 1.2 billion.
In the first nine months of 2017, net profit stood at EGP 598.7 million from EGP 415.8 million in the year-ago period.
Standalone profits reached EGP 297.6 million in the nine-month period, compared to EGP 262.3 million in the corresponding period of 2016.
Oriental Weavers had previously posted a net profit of EGP 217.4 million in the three months ended June 2017, versus EGP 177.9 million in Q2-16.