Egypt’s TMG says first half net drops 11 percent
Egyptian property developer Talaat Moustafa reported first-half net income of 328.8 million Egyptian pounds ($54.11 million) on Wednesday, down 11 percent from the same period a year earlier.
August 8, 2012 4:25 by Reuters
Egyptian property developer Talaat Moustafa reported first-half net income of 328.8 million Egyptian pounds ($54.11 million) on Wednesday, down 11 percent from the same period a year earlier.
TMG, like most firms in Egypt, suffered deeply from the economic turmoil sparked by a popular uprising that erupted in January 2011 and drove President Hosni Mubarak from office in early February of that year.
A long-running dispute over the sale of state land for TMG’s flagship development has also weighed on the company. ($1 = 6.0770 Egyptian pounds)
(Reporting by Tom Pfeiffer)
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