Talaat Moustafa Heads for Lowest in 6 Months as Profit Falls

Nov. 14 (Bloomberg) -- Talaat Moustafa Group Holding, Egypt’s biggest publicly traded real-estate developer, headed for the lowest close in more than six months after saying nine-month profit almost halved.

Shares of the Cairo-based company lost 3.5 percent to 3.29 Egyptian pounds at 11:05 a.m. in Cairo, poised for the lowest close since May 12. The benchmark EGX 30 Index fell 1.4 percent.

Net income in the nine months ended Sept. 30 declined to 493.7 million Egyptian pounds ($83 million), from 863.6 million pounds a year earlier, the Cairo-based company said in a filing to the Egyptian bourse today.

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