Egyptian Resorts H1 net profit tumbles 80 per cent

Reuters, Monday 15 Aug 2011

Company selling land to developers sees profits fall to around LE335,000, down from LE1.6 million in 2010

Real estate firm Egyptian Resorts posted an 80 per cent decline in consolidated first-half net profit to LE334,257 (US$56,076), Egypt's stock exchange said on Monday.
 
The company, which makes most of its money selling land to developers, reported a net profit of LE1.6 million for the same period in 2010. 
 
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