“The firm’s net profit was $18.6 million in the Feb-July period, up
from $4.8 million in the same period a year ago, the statement said.
The period is the first half of Arafa’s financial year, which ends on
Jan. 31, Reuters reported”
.Arafa’s revenues dropped 26 percent year-on-year to reach $58.7
million in the second quarter of 2010 from $80 million, due to the sale
of Arafa’s stakes in SRG and Melka International, which were grouped
under Arafa’s 79.4 percent UK-owned subsidiary, the Baird Group,
according to Beltone Financial .
.In its daily report, Beltone said, “Arafa’s move to restructure its
UK subsidiaries is in the right direction to cut costs and improve the
group’s profitability. The company has been suffering from the weak
demand and slow recovery of its major export markets, leading to a
deterioration in its retail sales in Europe, and especially in the UK .
.“Going forward, we believe the divestiture of the group’s UK units
should enhance Arafa’s profitability and that the company should
witness a stronger [second half].” .
Date:9/20/2010
Source:Reuters