Egypt News

Talaat Moustafa Group said it made 1.44 billion Egyptian pounds net profit for full-year 2008, up 8 percent year-on-year, while its nine-month net profit was 1.34 billion Egyptian pounds. 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 671 million pounds.

EFG-Hermes noted that "the underperformance on both the top and bottom lines was attributable mainly to much lower recognition of residential sales, which we believe was due to limited delivery of units in the quarter"

Talaat Moustafa's off-plan sales were 904 million pounds, less than expectations of 1.877 billion pounds. The company did not provide fourth quarter figures, said EFG-Hermes.
Meanwhile, Talaat Moustafa Group said revenues for 2008 more than doubled to 5.45 billion pounds.

Hesham Talaat Moustafa, former chairman of Talaat Moustafa Group pled not guilty last year in the murder case of Lebanese singer Suzanne Tamim.
By 1050 GMT, shares of Talaat Moustafa Group were up 2.2 percent to 2.79 pounds.

EGYPT NEWS

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