Egypt’s Oriental Weavers Carpet Company expects a further decline in its Q2 sales, while it saw starting mid-May a revival of orders with major markets easing their lockdown measures.
The rug and carpet maker anticipates the revival of orders in mid-May to positively influence its sales in Q3 and Q4 of 2020.
The company said that it expects its Q2 results “to be lower than normal” as it received hold and cancellation requests from several markets.
It recorded a net sales of 2.27 billion Egyptian pounds in Q1 2020 compared to 2.6 billion Egyptian pounds in Q1 2019.
(Writing by Gerard Aoun; editing by Seban Scaria)
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