El-Sewedy net income falls 34 pct in 2011: Bourse

Reuters, Monday 2 Apr 2012

Egypt cable maker El-Sewedy Electric says its net profit for 2011 fell to $88.8 million, a 34 per cent drop on 2010 figures

El-Sewedy Electric, the Arab world's biggest listed cable maker, posted a 34 per cent drop in consolidated net profits for 2011, according to the Egyptian Stock Exchange Monday.

Net profit fell to LE536.5 million ($88.82 million) from LE 816.6 million in 2010, the bourse said.

On an unconsolidated basis, net income slumped by 70 per cent to LE252.6 million.

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