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Talaat Moustafa Set for Biggest Drop in 2 Weeks as Profit Falls

March 7 (Bloomberg) -- Talaat Moustafa Group Holding headed for the biggest daily loss in more than two weeks after full-year profit of Egypt’s biggest publicly traded real-estate developer dropped more than a third.

Shares of the Cairo-based company declined 2.6 percent to 4.93 Egyptian pounds at 10:45 a.m. in Cairo, heading for the biggest daily retreat since Feb. 21. That pared the stock’s gain this year to 67 percent. The benchmark EGX 30 Index increased 0.2 percent today.

Net income for the year that ended Dec. 31 fell to 577.5 million pounds ($96 million) from 940 million pounds a year earlier, the company said in a statement to the Egyptian bourse today. Revenue declined 3.8 percent to 5.1 billion pounds, Talaat Moustafa said.

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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