CAIRO: Egyptian group El Sewedy Electric said on Monday its 2011 net profit would grow 1 percent year-on-year, cutting its previous forecast of 20 percent due to the political turmoil in Egypt and Libya.
"Our net profit this year will be impacted by political turmoil in Egypt and Libya," Ahmed Homossani, the firm’s investor relations director, told reporters on the sidelines of a conference.
He added that sales in Egypt will fall by 25 percent, which represent 7 to 10 percent of the firm’s total business operations. Sales in Libya will fall by 10 percent.
