Talaat Moustafa Group, Egypt's biggest developer by market value, posted on Sunday an 18.3 percent decline in Q4 net profit after a legal row over its flagship project cut into margins.
The firm said on Sunday its 2010 net profit was 1 billion Egyptian pounds ($169.1 million), which implied a fourth-quarter net profit of 136.4 million pounds, based on calculations of a nine-month net of 863.6 million.
Analysts say the firm's net profit fell after a legal dispute on the 2005 sale of public land to TMG for its $3 billion Madinaty residential and commercial project on Cairo's outskirts.
The Madinaty project has been mired in a legal row since September when a court upheld a ruling that a sale of state land to TMG was illegal because there was no auction. HC analyst Ankur Khetawat said he expected the firm to post 1.06 billion pounds in 2010 net profit.
Comments
Comments are closed.