El Sewedy Electric Says H1 Net Profit 62.2% Down

El Sewedy Electric (SWDY.CA) , the Arab world’s biggest listed cable maker, reported Monday a consolidated net profit of EGP 133.293 million during the first half of 2012, 62.2% down from a net profit of EGP 352.297 million a year earlier.

El Sewedy revenues during H1/2012 went down by 5% to EGP 7.13 billion, compared to EGP 7.49 billion during H1/2011.

Gross profit declined by 4% to EGP 947 million, compared to EGP 982 million.

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.

Basic earnings per share retreated to EGP 0.58 for H1/2012, compared to EGP 1.49 for H1/2011.

Working capital for H1/2012 tumbled to EGP 2.133 billion, compared to EGP 2.366 billion. Total investments also slumped to EGP 6.129 billion, compared to EGP 6.597 billion a year earlier.

Meanwhile, the standalone financial statements revealed a net profit of EGP 407.540 million for H1/2012, compared to EGP 327.672 million during H1/2011.