CAIRO: Egyptian property developer Nasr City Housing posted a 76 percent net profit drop in its third-quarter, which runs to the end of March, to LE 6.3 million ($1.1 million), the firm said on Monday.
The formerly state-run company, now about 30 percent-owned by investment bank Beltone Financial’s private equity arm, posted net profit in the same period of 2010 of LE 25.8 million.
A popular uprising that unseated Egypt’s president caused strikes and widespread disruption to businesses during the period. As a result, the government has slashed its forecast for economic growth in the 2010-11 fiscal year.
