CAIRO, May 18 (Reuters) - 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 year.
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)