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Egypt’s South Valley Cement sees Q1profit drop

Egypt's South Valley Cement has posted a 76% plunge in first quarter net profit EGP9.7m ($1.63m), Reuters has reported. Net profit for the same quarter a year earlier stood at EGP40.7m, the company said without giving further details. South Valley Cement had posted a 66% fall in its full-year 2010 net profit.