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Orascom Development posts 14 pct rise in '08 profit

Wed Mar 25, 2009 4:19am EDT

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CAIRO, March 25 (Reuters) - Swiss-based property developer Orascom Development (ODHN.S)ODHN.CA posted a 14 percent rise in net profit to 96.3 million Swiss francs ($85.8 million) on Wednesday.

The firm said revenue from real estate and construction grew 53 percent to 220 million francs.

Its average selling price declined 35 percent to 1,843 francs per square metre, compared with 2,844 francs in 2007, while the number of units contracted to sell ballooned to 3,020 from 253 in the previous year.

Orascom Development has a significant presence in Egypt, including at Red Sea resorts El Gouna and Taba Heights, as well as smaller operations in Jordan, the United Arab Emirates, Oman, Switzerland and Morocco. The company said it has a land bank of around 127 million square metres. (Writing by Alastair Sharp; Editing by David Holmes)



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