Egyptian Resorts net tumbles 96pc
Cairo, November 15, 2009
Real estate and tourism company Egyptian Resorts reported net profit for the first nine months of 2009 of 10.1 million Egyptian pounds ($1.9 million), down 96 percent on a year before, the bourse said.
One analyst had forecast net profit for the nine months to September 2009 of 14.2 million pounds.
The company said it had not sold any land to date this year, which has usually been its main source of income. The firm previously said most income for 2009 would come from selling treasury stock.
Egyptian Resorts reported net profit of 224.7 million pounds in the first nine months of 2008, the stock exchange statement said. - Reuters