UPDATE 2-Oriental Weavers year profit drops on U.S. slowdown
* 2008 net profit after minority interest $56 million
* Hit by weaker U.S. sales, loss of a tax benefit
(Adds more detail)
CAIRO, March 8 (Reuters) - Egyptian Oriental Weavers (ORWE.CA), the world's biggest machine-woven carpet producer, said 2008 net profit dipped 4 percent on weaker U.S. sales and the loss of a tax benefit.
Oriental Weavers said on Sunday its profit after minority interest was 314.5 million Egyptian pounds ($56 million). Profit before minority interest fell 2.8 percent to 369 million pounds.
Total sales rose 12 percent to 3.4 billion pounds, in spite of a 16 percent drop in turnover in the United States, on a standalone basis.
"The strategy put in place by management over the past three years has enabled the company to weather the storm within the financial markets and the global downturn in demand," company Chairman Mohamed Farid Khamis said in a statement.
The company said last year's profit was boosted by a one-time tax benefit in the United States, without giving details. The company said local sales rose 29 percent and export sales increased 3.3 percent. (Writing by Will Rasmussen; editing by Simon Jessop and Dan Lalor) ($1 = 5.618 Egyptian pounds)
