Egypt's Olympic Group 9-month net profit drops 12 pct

By IBTimes Staff Reporter | November 12 2009 11:35 AM

Egyptian domestic appliance maker Olympic Group 9-month net profit dropped by 11.8 percent to 148.3 million Egyptian pounds ($27 million) from 168.2 same time last year, the stock exchange said on Thursday.

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Olympic Group is specialised in manufacturing automatic washing machines, refrigerators, ovens, electric water heaters and other home appliances. It says the percentage of appliances manufactured by the group in its factories represents 98 percent of its sales.

Olympic Group shares closed 2.3 percent lower on Thursday at 31.17 Egyptian pounds. (Writing by Shaimaa Fayed; Editing by Mariam Karouny)

($1=5.4572 Egyptian pounds)

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