Egyptian resorts swings to q1 profit

Real estate firm Egyptian Resorts posted first-quarter net profit of EGP3.8 million ($639,500) on higher revenues, the firm said on Thursday.

The company, which makes most of its money selling land to developers, reported a net loss of 1.9 million pounds in the same period a year earlier.

The firm, in a partnership to develop land with Orascom Development Holding (ODH), made sales of 3.2 million pounds at its joint Sawiri project, the statement showed.

Swiss-based Orascom said last year it would jointly develop 2.5 million sq m of Egyptian Resorts property on the Red Sea and had bought a 4.5 per cent stake in the group.

Source: TradeArabia.com