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Beltone Financial said on Wednesday El Sewedy Electric’s 4Q2013 financial results are below expectations, in regards to profit.
El Sewedy (SWDY.CA) reported EGP 93.8 million loss, despite a projected profit of EGP 70 million and EGP 80 million by Beltone and Bloomberg respectively.
Beltone added that this severe decline was driven by retarded wind turbine performance.
Cable and wire segment outperformed significantly and was better than expected due to a high profitability level per ton, meanwhile meters, adapters and electric products segment came below expectations.
