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FINANCIAL NEWS
Egypt’s El Sewedy reports USD5m profit in Q2
04 Sep 2012
(MENAFN) Egypt’s cables firm El Sewedy Electric reported an 82 percent fall in quarterly profits, Reuters reported.
The Arab world’s biggest listed cable maker said it made USD5.01 million net profit during the second quarter, down from USD27.52 million a year earlier.
Consolidated revenues in the quarter increased by 6 percent to USD595.84 million from USD561.75 million a year ago.
The company declined to give the reason for the weaker performance, but 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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