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Article: News in brief.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lecico Q3 boosted by forex gains
Egyptian ceramics company Lecico said third-quarter net profit rose as currency gains helped offset lower sales as tile output was hit by maintenance shutdowns.
Net profit in the period was LE 29.5 million ($5.4 million), a 13 percent rise on the same period a year earlier, it said.
Lecico, whose company has a significant presence in Britain and France, suffered a sharp decline in profits earlier in the year in part due to falling European currencies.
"We've turned a corner from what was a very weak end of last year and a slow start to this year, as with all companies, because of the impact of the ...