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Fire destroys Egypt’s Lecico warehouse

By on June 3, 2010

An export warehouse belonging to Egyptian sanitaryware and ceramics maker Lecico has been destroyed by a fire, the firm said in a statement issued on the stock exchange on Thursday.

No one was seriously injured in the fire in Alexandria but stocks were damaged and exports would be disrupted, it added.

Higher sanitaryware volumes were the main driver behind a 25 percent increase in the firm’s first-quarter net profit, it said last month.

“Material business disruption is expected over the coming months … the warehouse itself was effectively destroyed along with a significant portion of our export stock and our inventory of accessories,” the statement said.

“There were no casualties and only a few cases of minor injuries.”

The company said the cause of the fire was not known and the authorities have begun an investigation.

Lecido’s shares were trading 0.2 lower at 0837 GMT, while Egypt’s main index was down 1.9 percent.

Reuters.

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