Egypt's El Sewedy Electric reported a 29 per cent increase in net income for 2010, the stock exchange said on Wednesday.

El Sewedy had last April forecast a 25 per cent gain in 2010 net earnings as it saw loss-making activities recovering and a pick-up in sales.

Net income of the biggest Arab cable maker rose to EGP816.6 million ($137 million) from 630.7 million in 2009, the exchange said.

The company in March slashed its forecast for net profit growth in the current year to 1 per cent from 20 per cent due to political turmoil in Egypt and Libya.

The company's shares rose 2.3 per cent to 40.00 pounds by 1010 GMT, while Egypt's benchmark share index gained 0.2 per cent. – Reuters