Egypt's Sewedy Q2 profit slides 82 pct

Reuters, Monday 3 Sep 2012

The Arab world's largest listed cable maker sees significant drop in second-quarter net profit; reaching $5.01 million from $27.8 million a year earlier

 

Egypt's El Sewedy Electric , the Arab world's biggest listed cable maker, reported an 82 per cent drop in second-quarter net profit on Monday.

Net income tumbled to LE30.6 million ($5.01 million) from LE169.5 million in the same quarter a year earlier, the company said, without giving a reason for the decline.

Analysts say political turmoil in Sewedy's main Middle East markets, especially Syria, has led to weaker demand that forced it to cut some production.

Short link:

 

Also In Economy

# Egypt to offer Ras Banas among 5 spots on Red Sea for major investment projects: PM Madbouly
# Minister ElKhatib discusses increasing British investments in Egypt during London visit
# INTERVIEW: Implementing WTO rules, agreements properly can benefit developing countries - WTO expert
# US to invest $129 mln in Egyptian development priorities: Blinken at US-Egypt Strategic Dialogue
# PM Madbouly appoints CBE governor Abdalla as Egypt representative in 3 int’l financial institutions
# US Fed makes half-point cut in first rate reduction since 2020
# Egyptian government probes development of El-Nasr Automotive with partners
# 'We must redefine the concepts of developed and developing countries': Egyptian official at WTO
#