Olympic swings to first-half loss

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CAIRO: Egyptian appliance maker Olympic Group posted a first-half net loss of LE 39.1 million ($6.6 million), the firm said in a statement on Monday.

Olympic, which said it was acquired in an all-cash deal by Sweden’s Electrolux AB in July, had net profit of LE 127.8 million for the same period last year.

Sales dropped to LE 1.1 billion from 1.3 billion.

Business in Egypt has been disrupted by political turmoil that ousted president Hosni Mubarak from office. Olympic said in February its operations were resuming gradually, but that its sales were still significantly lower than usual.

Shares in Olympic Group dipped 0.2 percent, while Egypt’s main index inched 0.3 percent higher at 1000 GMT.


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