Egyptian Resorts returns to profit in first 9 months

Reuters, Tuesday 15 Nov 2011

Company selling land to developers sees a mild uptick in its bottom line, following losses over the same period last year

Real estate firm Egyptian Resorts turned to profit in the first nine months, reversing a loss for the same period a year earlier, the stock exchange said on Tuesday.

The company, which makes most of its money selling land to developers, reported a net profit of LE1.1 million (US$183,977) for the the first nine months of 2011, compared to a net loss of LE6.7 million in the first nine months of 2010.

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