Egypt's Talaat Moustafa Q1 profit climbs 2.5 pct

Reuters, Monday 14 May 2012

Egyptian real estate giant TMG realises net profits of LE173.7 million in first quarter of current fiscal year

Talaat Moustafa Group, an Egyptian real estate company, reported a 2.5 per cent rise in its net profit in the first quarter of 2012 compared to the same period last year.

The company reported profit of LE173.7 million in the period until March 31 in comparison with a profit of LE169.4 million a year ago, it said in a statement.

In February an Egyptian appeal court upheld a 15-year prison sentence for property tycoon and ex-politician Hesham Talaat Moustafa for his role in the murder of a Lebanese singer, ending his three-year battle to avoid jail

Talaat Mostafa, the ex-chairman of property firm Talaat Moustafa Group was found guilty in 2009 of paying an Egyptian security man to kill Suzanne Tamim, and sentenced to death by hanging.

The verdict was commuted to 15 years in prison after a retrial in 2010 but Moustafa challenged it before the appeal court.

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