Wednesday, 24 December 2008

Olympic group

Producing economically sensitive goods like washing machines, refrigerators, electric water heaters and gas cookers is going to be a tough business in the next few quarters. Egyptian Olympic group will face some tough times. Indeed, its third-quarter profit already fell 60 percent, mostly on cost increases on its marketing and salary side. Still, things may not be that bad as it has just announced it will buy back up to 3 million shares representing 5 percent of the company's capital. The shares in jumped 17.46 percent on the news!

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