Egyptian Resorts first half net drops

Real estate firm Egyptian Resorts' net profit slumped more than 90 percent in the first six months of 2010, the bourse said on Sunday, after the company failed to sell any land. But analysts said the company's earnings could recover as soon as next year thanks to new management and a partnership to develop land with property developer Orascom Development Holding (ODH).
The firm posted a profit of 622,606 Egyptian pounds ($109,200) for the first half of the year, down from 11.1 million pounds a year earlier. In April, Orascom Development said it bought a 4.5 percent stake in Egyptian Resorts and would develop 2.5 million square metres (618 acres) of its Sahl Hasheesh resort.