CAIRO: Orascom Hotels and Development posted a 178 percent rise in net profit for the first half of 2006 to LE 127 million ($22 million), the stock exchange said on Wednesday. The firm reported a net profit of 46 million pounds in the same period of 2005. Orascom Hotels shares ended the day 3 percent lower at 31.50 pounds. Earlier this month, Orascom Hotels lost an auction to buy 7 km strip of prime luxury tourism real estate on Egypt s Mediterranean coast. The land was ultimately bought by Dubai s Emaar Properties for $175 million (LE 1 billion). Reuters
Egypt's Orascom Hotels H1 net soars 178 pct
