Egypt’s Sewedy Q2 Profit Slides 82 Pct

Egypt’s El Sewedy Electric (SWDY.CA) , the Arab world’s biggest listed cable maker, reported an 82-percent drop in second-quarter net profit on Monday.

Net income tumbled to 30.6 million Egyptian pounds ($5.01 million) from 169.5 million in the same quarter a year earlier, the company said, without giving a reason for the decline.

Analysts say political turmoil in Sewedy’s main Middle East markets, especially Syria, has led to weaker demand that forced it to cut some production.

Reuters