VOL. XLIII

No. 25

19-June-2000

EGYPT

Egypts AIC Issues Profit Warning Due To Over Provisioning And Financial Costs

Cairo-based Arab International Construction (AIC) announced on 11 June that the companys profits are expected to drop to E7mn ($2.01mn) this year compared to E28.04mn ($8.06mn) in 1999, itself a 33% decline from the 1998 figure of E41.98mn ($12.06mn). According to the companys press release, the decline in earnings is due to "some of its clients cash flow problems and their possible...