CAIRO: Egypt’s Raya Technology and Communication posted a 96 percent decline in first-quarter 2011 net profit to LE 457,000 ($76,940), the stock exchange said.
Raya, which sells mobile handsets, runs call centers and provides outsourced IT services, made a net profit of 11.9 million pounds for the same period in 2010.
Shares of Raya inched 1.1 percent lower to 4.44 pounds, while Egypt’s EGX70 index fell 1.4 percent.
