The decline was narrower than a 44 percent drop in first-half earnings. TMG reported full-year profit of 577.5 million Egyptian pounds ($95.72 million), down from 940 million in 2010.

Total sales for projects were around 3 billion pounds, down from 4 billion a year earlier. Revenues - including money received once clients take ownership of properties - slipped to 5.1 billion from 5.34 billion, the company said in a statement.