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Sewedy H1 profits down 30%
- Egypt: Monday, August 17 - 2009 at 11:11
Egypt-based Sewedy Cables, the largest Arab cable maker by market value, has posted a 30% drop in first half net profit to EGP369m as volumes grew but prices slipped, Reuters has reported. Export revenue fell 41% to EGP1.94bn, out of total revenue of EGP4.64bn, the firm has said. Gross profit from turnkey projects grew 38% to EGP132m from EGP96m in the first half of 2008, and gross profit from electrical products expanded 8% to EGP119m, Sewedy has said.
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