Egypt's Alex Real Estate 2007 net profit surges

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)