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Egypt's Sewedy H1 net plunges 34pc

Cairo, August 23, 2011

Egypt's El Sewedy Electric, the Arab world's biggest listed cable maker, posted a 34 per cent drop in first-half net profit, according to figures published by the Egyptian stock exchange on Tuesday.

The net profit was 352.3 million Egyptian pounds ($59 million), down from 536.1 million pounds in the first half of 2010, the bourse said. Revenues were 7.48 billion pounds, up from 5.98 billion a year earlier.

Second-quarter net profit was 169.5 million pounds, down from 270.1 million a year earlier.

Sewedy, which has production plants in Egypt and 10 other countries, also makes windfarm equipment.-Reuters




Tags: Egypt | Net Profit | El Sewedy Electric | cable maker |

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