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Egyptian Resorts Heads to Lowest Close in Week as Profit Tumbles

Aug. 16 (Bloomberg) -- Egyptian Resorts Co., a Red Sea resorts developer, headed for the lowest close in a week after first-half profit plunged.

Shares of the Cairo-based company slid 2 percent to 1 Egyptian pound at 11:42 p.m. in Cairo, poised for the lowest close since Aug. 9. The benchmark EGX 30 Index retreated 0.5 percent.

Profit for the period that ended June 30 fell 80 percent from a year earlier, to 334,257 pounds ($56,000), the company said yesterday in a filing to the Egyptian bourse.

Egyptian Resorts, which owns a 41 million square-meter plot in Sahl Hasheesh, near the Egyptian resort town of Hurghada, faces a court case against its purchase of the land because it was not conducted through a public auction as stipulated by Egyptian law. The case will resume Sept. 12.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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