• Most Popular
  • Most Shared

Egypt's Alex Real Estate 2007 net profit surges

Sun Mar 2, 2008 7:55am EST

Stocks

   

CAIRO, March 2 (Reuters) - Egypt's Alexandria Real Estate Investment's (AREI.CA) net profit before deducting minority interest surged nine fold in 2007 to 1.47 billion Egyptian pounds ($268.26 million), a company spokesman said on Sunday.

Net profit before minority interests in 2006 was 148.2 million pounds, he said.

The company, a Talaat Moustafa (TMGH.CA) subsidiary, said its earning per share in 2007 jumped to 149.25 pounds from 19.54 pounds a year earlier.

The firm said in July it expected strong year profit due to the sale of its stake in the Arab Company for Projects and Urban Development for 701 million pounds.

Shares in the firm, which has a market capitalisation of 3.34 billion pounds and is Egypt's fourth-biggest listed real estate firm by market value, jumped 14.4 percent to 511.01 pounds by 1246 GMT. ($1=5.48 Egyptian pounds) (Reporting by Wael Gamal)



More from Reuters

Photo

Investors seen jumping the gun on airport security

BANGALORE (Reuters) - Investors' optimism surrounding the shares of airport security systems makers could be premature as interest in the companies' products after the Christmas Day plane scare is not expected to translate into immediate orders.

» More Top News
A hiring sign hangs in a window at PETCO in Falls Church, Virginia June 5, 2009.REUTERS/Kevin Lamarque

Dust off your resumes

Employers say they'll be adding headcount in the coming year. Here's where the jobs will be.  Full Article 

ECONOMY
Tiger Woods blows on his putter on the 10th hole during final round play of the Tournament Players Championship golf tournament at the TPC at Sawgrass in Ponte Vedra, Florida May 13, 2007.

Tiger's $12 billion scandal?

Shareholders of Tiger Woods' sponsors discover that along with the upside, there are big downside risks, too, a study shows.  Full Article 

Sports