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.

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