Egypt's TMG 2012 net profits dip to $81 mn

Reuters, Monday 4 Mar 2013

Egypt's largest listed property developer TMG continues suffering financially as its 2012 full-year results records 5.5 percent decline in profits

Egyptian property developer Talaat Moustafa Group (TMG) reported a 5.5 percent drop it its 2012 annual net profits, the firm said in an emailed report on Monday.

The firm posted a net profit of LE545.73 million ($80.96 million) in 2012 compared with LE577.51 million a year earlier.

TMG, like most firms in Egypt, has suffered deeply from economic turmoil since a popular uprising in 2011 that drove president Hosni Mubarak from office.

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