CAIRO: Egyptian appliance maker Olympic Group, set to be acquired by Sweden’s Electrolux AB, posted a 33 percent drop in first-quarter net profit, the stock exchange said on Wednesday.
Net profit at the biggest appliance maker in the Middle East and North Africa fell to LE 35.4 million ($6 million) from 53.1 million a year earlier, a statement said. Sales dropped to LE 395.8 million from 649 million.
Business in Egypt has been disrupted by political turmoil that ousted president Hosni Mubarak from office and Olympic said in February its operations were resuming gradually, but that its sales were still significantly lower than usual.
Electrolux had a preliminary agreement to buy Olympic as part of a strategy to increase its footprint in emerging markets. The political turbulence delayed the plans, which are now back on.
Electrolux Chief Executive Keith McLoughlin said in May he expected strong long-term prospects for the Arab world’s most populous nation.
