UPDATE 1-Egypt's Oriental Weavers Q1 net income rises 14 pct
(Adds CEO comment, details)
CAIRO, May 14 (Reuters) - Egypt's Oriental Weavers (ORWE.CA), the world's biggest machine-woven carpet producer, posted a 14 percent rise in net income before minority interest to 107 million Egyptian pounds ($19 million) on higher sales.
The firm said on Thursday that quarterly sales climbed 10.4 percent to 887 million pounds, mainly driven by a "remarkably strong performance" in the Egyptian market, helped by recently opened mega showrooms that cater to all segments of society.
"Albeit the negative expectations and assumptions related to export markets, Oriental Weavers still managed to witness modest growth in export markets, through the success in penetration of new markets and the expansion in existing markets," Chief Executive Salah Abdel Aziz said in a statement
He added that the company was focused on maintaining a well rounded product assortment and to further diversifying its floor covering and textile offerings.
The firm added that its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) gained 17 percent to 206.7 million pounds.
The company said it would continue to capitalise in the Egyptian market on strong forecast growth in construction in the local market and on "early signs of economic recovery" on a global level. ($1 = 5.62 Egyptian pounds) (Writing by Cynthia Johnston)
