Cairo – Mubasher: Elsewedy Electric on Tuesday reported a 20.9% year-on-year decline in its consolidated profits during the first half of 2018, recording a net profit of EGP 2.41 billion from EGP 3.05 billion.
Revenues fell to EGP 20.1 billion in the six-month period ended June, compared to EGP 20.65 billion in the year-ago period, according to a statement to the Egyptian Exchange (EGX).
Meanwhile, standalone profits dropped by 47% to EGP 1.02 billion during H1-18, compared to EGP 1.93 billion in the prior-year period.
The EGX-listed leading cable maker previously posted a 7% decrease in its consolidated profits during the first quarter of 2018, registering a profit of EGP 1.4 billion, compared to EGP 1.53 billion during Q1-17.
