El Sewedy Electric, the Arab world's biggest listed cable maker, on Monday reported a 32 percent drop in first-quarter net income to 171.3 million Egyptian pounds ($28.8 million).

El Sewedy, which has production plants in Egypt and 10 other countries, also makes windfarm equipment.

The company had in March slashed its forecast for net profit growth in the current year to 1 percent from 20 percent due to political turmoil in Egypt and Libya. On Monday it said the first three months of 2011 were "challenging".
   
El Sewedy's consolidated revenue rose by 21 percent to 3.6 billion pounds in the first quarter of 2011 compared with a year earlier, a company statement said.

"Although there is a decline in net income, it exceeded expectations by more than 40 percent," said Allen Sandeeb, an analyst in Beltone Financial.

"Revenues increased year-on-year because non-cable operations like transformers, meters, and turnkey (projects) contributed more in 2011," he said. - Reuters