Cairo – Mubasher: The financial indicators of Elsewedy Electric on Wednesday showed a 7% year-on-year decrease in its consolidated profits during the first quarter of 2018, recording a profit of EGP 1.4 billion, compared to EGP 1.53 billion during Q1-17.

The  Arab world's largest listed cable company attributed the drop in profits to a growth in costs, according to a statement to the Egyptian Exchange (EGX).

Elsewedy Electric’s revenues increased to EGP 9.9 billion from January to March 2018, compared to EGP 9.7 billion in the year-ago period.

Meanwhile, The Egyptian cable maker's consolidated financial statements showed a profit of EGP 42.4 million during Q1-18, compared to EGP 115 million in the corresponding period a year before.