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Mon 13 Aug 2007 10:27 AM

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Raya Holding posts sevenfold rise in profit

Egyptian ICT firm posts $2.1mn net profit in Q2, up almost 600% year-on-year.

Egypt's Raya Holdings on Monday posted a sevenfold increase in second quarter net profit to 11.8 million Egyptian pounds ($2.1 million).

The company, which retails technology and communications equipment, posted 1.7 million pounds net profit in the same period last year.

Net profit for January-June 2007 was 66.3 million pounds, compared with 527,000 pounds in the same period last year.

Mobile phone giant Orascom Telecom has offered to buy 100% of Raya at 12 pounds a share, valuing the company at 684 million pounds, according to Reuters data.

But the market price of the shares has risen to over 14 pounds and the Raya management has said it is taking steps to fend off the Orascom takeover.

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