Sewedy Cables said on Wednesday that 2009 net profit dipped more than 23 percent to LE 633.6 million ($115 million), much lower than analyst expectations.

Revenue was LE 9.29 billion, in line with consensus forecasts and lower than the LE 11.45 billion recorded in 2008. Profit was LE 828.4 million in 2008.

Sewedy said the volume of cable sold rose 30 percent to 135,415 tons while the average price fell 24 percent.