TMG’s Nine-Month Consolidated Net Profit Down 12.2%

Egyptian property developer Talaat Moustafa Group (TMGH.CA) has reported a 12.2 percent fall in nine-month net profit to EGP 433 million, on revenue down 27 percent to EGP 3.21 billion, according to the company’s unaudited consolidated financial results.

An Egyptian court will rule on Jan. 16 in a long-running dispute over TMG’s flagship real estate project, a case being closely watched as an indicator of the investment environment. That case has cast a shadow over the company’s activities. ($1 = 6.1130 Egyptian pounds)