Olympic Q3 net profit down 55 percent

Sun Nov 14, 2010 12:17pm GMT
 

CAIRO (Reuters) - Egyptian appliance maker Olympic Group, set to be acquired by Swedish group Electrolux, posted a 55 percent drop in third-quarter net profit.

Olympic, the biggest appliance maker in the Middle East and North Africa, said on Sunday net profit fell to 30.6 million Egyptian pounds on revenue up 6.3 percent to 772 million.

That left nine-month net profit down 19 percent to 120 million pounds, on revenue up to 2.1 billion from 2 billion.

Olympic shares were up 1.2 percent by 1120 GMT, while the main index was down 0.3 percent.

Last month, Electrolux said it had agreed in principle to buy Olympic, in a push to capture growth in emerging markets.

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