Profits Soar for Egypt's Orascom Hotels
CAIRO, Egypt, AUgust 17, 2006. Egypt's Orascom Hotels and Development posted a 178 percent rise in net profit for the first half of 2006 to 127 million Egyptian pounds ($22 million), the stock exchange told Reuters news agency.
The firm reported a net profit of 46 million pounds in the same period of 2005. Earlier this month, Orascom Hotels lost an auction to buy a 7 kilometre 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.
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