Egypt's Amer Group posts 79% drop in 2013 profit

Reuters, Monday 24 Feb 2014

Egyptian real estate company Amer Group posted a 79 percent drop in net profit for 2013.

Amer Group, which owns hotels, restaurants, malls, and other businesses, made LE31.996 million ($4.60 million) last year, compared with LE155.554 million ($22.3 million) in 2012, it said in a statement on Monday.

Revenues for 2013 dropped to LE877.7 million ($126 million) compared with LE1.15 billion ($0.16 billion) a year earlier.

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