Egypt’s Arafa net rises 12 pct in April-June 2008

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Egypt’s Arafa Holding posted a 12 percent increase in its net profit before minority interest to $8.02 million in the quarter ending June 2008, the stock exchange said on Tuesday.

The garment maker’s net profit before minority interest in the same period of 2007 stood at $7.16 million. The company’s financial year ends on March 31.

Arafa said earlier this year it was seeking to spend at least $300 million to buy men’s clothing brands in Italy or Germany.

The company, which also owns 60 percent of British Menswear Brands, said last month it had begun exclusive due diligence to buy a licence to sell formal wear by French designer Pierre Cardin.

source:reuters