Egypt Arafa's consolidated 6-month net down 78 pct

Arafa Holding , Egypt's biggest garment exporter, posted a 78 percent fall in consolidated net profit to $4.0 million for the period February-July 2011, the stock exchange said on Thursday.

The firm, which specialises in menswear and exports 75 percent of its goods mainly to Europe, made a net profit of $18.6 million in the same period a year earlier.

Arafa's financial year ends on Jan. 31.

The firm's unconsolidated net profit for the period was $282,000 compared to $31.4 million a year earlier.