Total net consolidated profits for Egyptian public-sector companies fell by 23 per cent in 2010/11 to LE3.8 billion for the period, compared to LE4.9 billion the previous year, according to a press release issued Monday by Egypt's Ministry of Public Sector Affairs.

Of 145 public companies in Egypt, 98 posted net profits while 47 finished the period at a loss.

Notably, export receipts by Egyptian public-sector firms rose for the year.

"2010/2011 saw an improvement in total export profits by public-sector companies, especially in terms of textiles, metallurgical industries and transportation," the ministry noted.

Egypt's public sector gave a better-than-expected performance in 2007/2008, posting some LE5.1 billion in profits. The subsequent international economic crisis, however, later dragged total public-sector earnings down to LE3.79 billion in 2008/2009.