Lecico Q3 net profit rises 5 pct

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Ceramics maker Lecico Egypt posted a 5 percent increase in third-quarter net profit on Monday, 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 LE 30.9 million ($5.41 million). Revenue for the third quarter fell 7 percent to LE 254 million 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 percent increase in the average price of its sanitary products compared to the first half. Distribution and administration costs fell 12 percent.



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