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Talaat Moustafa Q2 profit down 29%
- Egypt: Wednesday, August 12 - 2009 at 11:23
Talaat Moustafa, Egypt's largest real estate developer by market value, has reported a 29% decline in second-quarter net profit to EGP321m ($58m) as building costs escalated, Reuters has reported. Revenue was EGP1.638bn, down from EGP1.675bn in the same period last year. The firm's real estate and construction costs had jumped 17.5% to EGP2.2bn in the first half of 2009, compared to EGP1.8bn in the first half of 2008. Second-quarter costs were EGP1.2bn, the company said.
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StaffWednesday, August 12 - 2009 at 11:23 UAE local time (GMT+4)
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