Egypt's Sewedy Q2 Profit Slides 82 pctSource: Ahram Online 9/3/2012, Location: Africa |
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Egypt's El Sewedy Electric , the Arab world's biggest listed cable maker, reported an 82 per cent drop in second-quarter net profit. Net income tumbled to LE30.6 million ($5.01 million) from LE169.5 million in the same quarter a year earlier, the company said, without giving a reason for the decline. 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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