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Elsewedy Electric Reports Consolidated Results for Q1 2011

Positive results, despite political events in the region
ElSewedy Electric | 25.07.2011
31 May 2011

A Challenging First Quarter for Elsewedy Electric given recent political events in the region, yet results were positive with a 21% increase in revenues and flat EBITDA growth versus Q1 2010

Elsewedy Electric (SWDY.CA on the Egyptian stock exchange) the leading Wire & Cable and Integrated Energy Solution Provider in the Middle East and Africa, announced its consolidated financial results for the First Quarter ended March 31st ,2011.

•Consolidated revenues increased by 21% to reach LE 3,553 million for Q1 2011, versus LE 2,934 in Q1 2010, 4% lower than Q4 2010..

•Gross profit dropped 8% to reach LE 448 million during Q1 2011, versus LE 490 million in Q1 2010, 9% lower than Q4 2010.

•EBITDA stood at LE 335 million in Q1 2011, versus LE 342 million in Q1 2010, 29% higher than Q4 2010.

•Net Profit after Minority Interest dropped 32% to reach LE 171 million in Q1 2011 versus LE 251 million for Q1 2010, 76 % higher than Q4 2010.