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Article: Talaat Moustafa posts $18 million Q4 profit.(Financial report)

Article from:
Daily News Egypt (Egypt)
Article date:
March 10, 2009
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CAIRO: Talaat Moustafa Group, Egypt's largest real estate developer by market value, made a fourth quarter net profit of LE 100 million ($18 million), on lower sales, but missed an analyst forecast.

The company said it made LE 1.44 billion net profit for full-year 2008, up 8 percent year-on-year, while its nine-month net profit was LE 1.34 billion.

Reuters calculated the fourth quarter profit by deducting the nine-month result from that for the full year.

Investment bank EFG-Hermes had forecast a fourth-quarter profit of LE 671 million.

"The underperformance on both the top and bottom lines was attributable ...

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