Egypt's Arafa nine-month net profit halves

Arafa Holding, Egypt's biggest garment exporter, posted a 50 percent fall in consolidated net profit to $6.5 million for the nine months from February to October, the stock exchange said on Tuesday.

The firm, which specialises in menswear and exports 75 percent of its goods mainly to Europe, made net profit of $13 million in the same period a year earlier.

Arafa's financial year ends on Jan. 31.