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Egypt’s Olympic Q1 net profit drops 33%

Olympic Group, the Egyptian appliance maker set to be acquired by Sweden's Electrolux, has recorded a net loss in the first quarter due to a decline in sales, Reuters has reported. Olympic posted a net loss of EGP35.4m ($6m) during the quarter, compared with a profit of EGP53.1m a year earlier. Sales dropped to EGP395.8m from EGP649m, because of the political turmoil that ousted president Hosni Mubarak from office, the company said.