Egyptian appliance maker Olympic Group, set to be acquired by Swedish group Electrolux, posted a 55 percent drop in third-quarter net profit.

Olympic, the biggest appliance maker in the Middle East and North Africa, said on Sunday net profit fell to 30.6 million Egyptian pounds ($5.3 million) on revenue up 6.3 percent to 772 million.

That left nine-month net profit down 19 percent to 120 million pounds, on revenue up to 2.1 billion from 2 billion.   

Olympic shares were up 1.2 percent by 1120 GMT, while the main index was down 0.3 percent.   

Last month, Electrolux said it had agreed in principle to buy Olympic, in a push to capture growth in emerging markets. - Reuters