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EFIC Drops to Lowest in More Than One Month as Profit Declines

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Nov. 21 (Bloomberg) -- Egyptian Financial & Industrial Co., the Arab country’s biggest publicly traded phosphate-based fertilizer producer, dropped to the lowest in more than a month after its nine-month profit declined.

Shares of the Cairo-based company plunged 5.1 percent to 9.50 Egyptian pounds at 1:12 p.m. in Cairo, the lowest intraday level since Oct. 11. The stock has retreated 50 percent this year. The benchmark EGX 30 Index lost 2.8 percent today.

Net income for the period that ended Sept. 30 fell 27 percent to 43.8 million Egyptian pounds ($7.3 million) from a year earlier, the Gharbaya, Egypt-based company said yesterday after the market closed.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net