Lecico Egypt Q3 net profit up 5pc
Cairo, November 9, 2010
Ceramics maker Lecico Egypt has posted a 5 per cent increase in third-quarter net profit, reversing a decline in the second quarter when it was hit by costs from a fire at an export warehouse.
The company reported net profit of 30.9 million Egyptian pounds ($5.41 million). Revenue for the third quarter fell 7 percent to 254 million pounds as it continued to feel the impact of the fire, Lecico said in a statement.
'I am pleased that pricing-led margin growth in both sanitary ware and tiles coupled with a continued focus on reducing overheads allowed us to report growth in the third quarter,' said Chairman Gilbert Gargour.
The company said it benefited from a weaker Egyptian pound and a 5 per cent increase in the average price of its sanitary products compared to the first half. Distribution and administration costs fell 12 per cent.
'I am hopeful that with the increasing production volumes over the next several months we remain on course to deliver bottom-line growth for the year as a whole,' said Elie Baroudi, Lecico Egypt's managing director.-Reuters