Cairo - Mubasher: The independent financial statement of Golden Textiles and Clothes Wool showed a decline in annual profits by 7.9%, according to a bourse filing.

Annual profits reached EGP 11.6 million last year down from EGP 12.12 million in 2015, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Total sales grew in 2016 to EGP 176.1 million compared to EGP 165.8 million in the previous year.

Golden Textiles also revealed in a separate bourse filing that it has achieved foreign exchange gains of EGP 4.4 million due to the Egyptian pound's flotation and liberalisation of the exchange rate.