Egypt's Amer Group posts Q1 net profit of $22.5mn

CAIRO: Egyptian real estate company Amer Group said on Thursday its un-audited first quarter net profit was 133.9 million Egyptian pounds ($22.5 million).

Amer, a property conglomerate, began trading on the stock exchange Nov. 30, after a heavily oversubscribed initial public offering.

The firm did not provide a figure for the first quarter of 2010 but gave a full 2010 year net profit figure of 557.1 million pounds.

Revenue was 329.9 million pounds for the 2011 first quarter.

The firm told Reuters in an interview in October it saw enough untouched land along Egypt's coasts and in its deserts for another 20 of its residential and commercial projects.

Shares in Amer, which owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses, were down 0.7 percent in early trade, while the benchmark index was also down 0.8 percent.

Copyright Reuters, 2011