Palm Hills, Egypt's second-largest listed property developer, reported a second-quarter net profit of EGP 63.9 million ($7.20 million), sharply down from the 413.2 million pounds last year.

Revenues for the quarter were up at EGP 1.07 billion compared with EGP 732.9 million last year, the company said in a statement on Tuesday.

The official exchange rate for $1 =  EGP 8.78