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Egypt’s Talaat Moustafa reveals 43% drop in net profit

Egypt's biggest listed developer, Talaat Moustafa Group has said its 2011 nine-month net profit fell 43% to EGP493.7m ($82m), from EGP863.6m in the same period a year ago, Reuters has reported. The company said in a statement yesterday that it also suffered a 28% drop in nine-month sales.