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Dairy firm Juhayna sees 14% profit drop in Egypt

Egyptian dairy producer Juhayna Food Industries has said its net profits for the first quarter of 2012 fell 14% to EGP43m ($7.1m), compared with EGP50m ($8.27m) for the opening three months of last year, Ahram has reported. In 2011, the country's largest dairy producer saw its profits decline 18.4% to EGP186m, compared with the year before, due to to Egypt's economic downturn and waning consumer demand. In early March 2012, Juhanya unveiled plans for EGP750m worth of additional investments to boost its production capabilities, including a new yoghurt plant, dairy farm and six new distribution centres.