Egypt’s EFG-Hermes says Q1 net plunges 93 pct

CAIRO, (Reuters) – EFG-Hermes, Egypt’s biggest investment bank, said on Wednesday that net profit for the first quarter of 2011 plummeted 93 percent. Net profit fell to 36.0 million Egyptian pounds from 483.6 million pounds in the first quarter of 2010, it said in an emailed statement.

Asharq Al-Awsat Editorial
Egypt’s EFG-Hermes says Q1 net plunges 93 pct

CAIRO, (Reuters) – EFG-Hermes, Egypt’s biggest investment bank, said on Wednesday that net profit for the first quarter of 2011 plummeted 93 percent.

Net profit fell to 36.0 million Egyptian pounds from 483.6 million pounds in the first quarter of 2010, it said in an emailed statement.