By Patrick Werr
Egypt's biggest garment exporter hurt by fall in the value of the British pound and recession in key UK market.
Arafa Holding, Egypt's biggest garment exporter, said on Tuesday consolidated net profit fell to $4.83 million for the three months to July 31.
The company changed its financial year to end-January instead of March, and as a result, no direct comparisons could be made. For the three months to September 30, 2008, Arafa reported net profit of $8.66 million.
Arafa, which makes and retails garments in Egypt and Europe, said sales to its key British market had been hurt by a fall in the value of the British pound and by recession.
Despite a global shrinkage in retail spending, the company said its results showed "extreme resilience and was still able to post positive operating results."
The company reported sales of $80.0 million compared with $105.1 million for the three months to end-September 2008. (Reuters)For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.