Arab Today, arab today egypt election rocks foundations for amer
Last Updated : GMT 12:50:40
Arab Today, arab today
Arab Today, arab today

Egypt election rocks foundations for Amer

Arab Today, arab today

Arab Today, arab today Egypt election rocks foundations for Amer

Cairo - Arabstoday

A property developer based in Cairo has slid further into the red more than a year after the revolution that ousted the president Hosni Mubarak. Amer Group, an Egyptian developer of mixed-use and family-oriented resort destinations, posted a 54 per cent drop in the first quarter this year. Net profit fell to 61.7 million Egyptian pounds, from 133.9m pounds in the same period last year, according to a statement posted on the Egyptian Exchange (EGX) website. \"Most developers are still suffering and not selling as much as they would love to,\" said Wafik Dawood, the head of institutional sales at Mega Investments Securities in Cairo. Amer generates income from two lines of business: sales from residential property branded Porto; and non-residential operations from the ownership of malls, hotels and restaurants. Property and tourism have both been hit hard as visitors who traditionally went to Cairo have opted to go to Dubai as violence continues to shake the Egyptian city ahead of the upcoming presidential elections. \"Many developers are hoping for a pick-up in activity after the presidential elections,\" Mr Dawood said. \"Many are aiming to see improved results in the second and third quarter.\" Voters will cast ballots on May 23 and 24 for a president for the first time since Mr Mubarak\'s departure. The result will be published on June 21. \"All eyes are now on the political scene,\" Mr Dawood said. Talaat Moustafa Group (TMG), the country\'s biggest developer, yesterday posted a 2.5 per cent rise in profit to 173.7m pounds. \"It\'s not a fair comparison, because the first quarter of last year was when the revolution took place,\" Mr Dawood said. Property companies are dealing with a string of legal challenges to their land holdings since a court ruled last year that a state deal with TMG was illegal. Amer Group declined 1.4 per cent to 0.70 pounds a share. TMG Holding fell 0.2 per cent to 4.38 pounds a share.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt election rocks foundations for amer Arab Today, arab today egypt election rocks foundations for amer

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:57 2017 Sunday ,26 February

Huawei wins MRM Business Innovation Award

GMT 08:49 2017 Saturday ,25 February

Shell plans $300 mn investment in Argentina shale

GMT 05:40 2017 Saturday ,25 February

British Airways owner reports profit

GMT 15:19 2017 Thursday ,23 February

Companies' commitment to Bahrainisation quotas praised

GMT 14:48 2017 Thursday ,23 February

Etihad Airways Engineering signs deal with Kenya Airways

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday