CAIRO: Egyptian property developer Nasr City Housing posted a 1.3 percent decline in unaudited net profit for its first six months of its financial year, on weak sales, the firm said on Sunday.
The formerly state-run company, now about 30 percent-owned by investment bank Beltone Financial’s private equity arm, posted consolidated net profit of LE 36.6 million ($6.22 million) for the July-December period, it said in a note to the stock exchange.
Net profit was LE 37.1 million in the same period last year.
Land sales were worth LE 2.6 million in the quarter, a sharp fall from LE 41.5 million a year ago, the firm said but did not give explanation. It said it was now focused on increasing home sales.