Egyptian developer TMG first-quarter net profit falls 19.8%

Reuters, Ahram Online, Tuesday 14 May 2013

Property developer Talaat Moustafa Group has increased revenues over the same period

Egyptian property developer Talaat Moustafa Group (TMG) has announced that net profit in the first quarter of 2013 fell 19.8 percent to LE139.4 million (approx. $20 million).

TMG's profits for the first quarter of 2012 were LE173.7 million (approx. $24.8 million), the firm said in a statement published by the stock exchange on Tuesday.

The company’s revenues have increased by nearly 17 percent over the same period to reach LE1.5 billion.

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