Egyptian Resorts H1 net plunges 31pc
Cairo, August 17, 2008
Egyptian Resorts Company said on Sunday its net profit in the first half of 2008 dropped 31.2 per cent to 141.85 million Egyptian pounds ($26.6 million).
Abu Bakr Makhlouf, the company’s investor relations director, told Reuters the decline came as Egyptian Resorts started paying taxes in January 2008.
’Before that we had a 10-year tax holiday,’ he added. In June, HC Securities rated Egyptian Resorts a ’strong buy’ and maintained its price target of 10.99 Egyptian pounds on the stock.
Shares in the firm, which has extensive land holdings on the Red Sea coast, were trading 5 per cent higher at 4.4 pounds by 0927 GMT.-Reuters