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Elsewedy Electric reports 51% jump in Q2 profits

Elsewedy Electric Egypt has announced its earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the first six months of this year, excluding the provision related to the firm's Syrian operations, jumped 26% to EGP796m from EGP634m in the same period a year earlier. EBITDA in the second quarter increased by 51% to EGP502m, compared with EGP332m in the corresponding quarter in 2012. The company said it incurred a provision of EGP95m during the quarter, related to all of its assets in Syria (cables, transformers and plastics.)