CAIRO May 18 Egypt's Medinet Nasr for Housing
and Development reported a net profit for the first
quarter of 2014 of 55.3 million Egyptian pounds ($7.8 million)
on Sunday, around 3 percent lower than in the same period last
Sales increased to 169.12 million pounds from 166.70 million
pounds in the first quarter of 2013, the company said in a
statement sent to the stock exchange.
Medinet Nasr plans to complete the off-plan sale of homes in
its 300,000 square-meter Taj Sultan project by early 2015, then
launch another development of similar size, its general manager
told Reuters earlier this month.
The company is also in talks with banks for a six-year, 500
million pound loan to help finance the completion of Taj Sultan.
Medinet Nasr's shares were up 3 percent to trade at 37.50 pounds
at 1049 GMT.
($1 = 7.1126 Egyptian Pounds)
(Reporting By Ehab Farouk; Writing by Shadia Nasralla; Editing
by Elaine Hardcastle)