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FINANCIAL NEWS
Egypt- Olympic Q3 earnings decline to $5.3m
14 Nov 2010
(MENAFN) Egyptian appliance maker Olympic Group announced that it has suffered a 55 percent decline in earnings to $5.3 million during the July-September period of 2010, whereas revenues climbed 6.3 percent, reaching $134.2 million, Reuters reported.
Olympic’s January-September figures show a decline in earnings by 19 percent, down to $20.9 million, while revenues rose from $347.8 million to $365.2 million, revealed company officials.
In a push to capture growth in emerging markets, Swedish group Electrolux is set to acquire Olympic Group, which is considered the biggest appliance maker in the Middle East and North Africa.
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