El Sewedy's '09 net income drops 24%

The Middle East's biggest publicly traded cable manufacturing firm, El Sewedy Cables Holding Co has announced its full-year unaudited profit fell 24% on increased administration and depreciation expenses, Bloomberg has reported. The company said its administrative expenses increased 22% while sales and marketing expenses rose 39%. Depreciation expenses rose 42% and the company incurred an impairment of EGP52m from technical and financial studies of its copper smelter, it added.