Egypt's Sewedy slashes 2011 net profit forecast

Reuters, Monday 21 Mar 2011

Egyptian group El Sewedy Electric said on Monday its 2011 net profit would grow 1 per cent year-on-year, cutting its previous forecast of 20 per cent due to the political turmoil in Egypt and Libya.

"Our net profit this year will be impacted by political turmoil in Egypt and Libya," Ahmed Homossani, the firm's investor relations director, told reporters on the sidelines of a conference.

He added that sales in Egypt will fall by 25 per cent, which represent 7 to 10 per cent of the firm's total business operations. Sales in Libya will fall by 10 per cent.

Short link: