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Egypt's Orascom Hotels 2007 net profit surges |
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Posted 07 April 2008 @ 05:11 am EET |
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CAIRO (AP) - Egypt's Orascom Hotels and Development posted a 124 percent rise in 2007 net profit before minority interest to 478.5 million Egyptian pounds on Sunday, the stock exchange said.
Consolidated net profit in 2006 was 214.0 million pounds, but the exchange gave no further details.
Orascom Hotels said last month it would seek to list its shares in Switzerland, where its owner, Samih Sawiris, is planning to build an Alpine hotel resort.
A new holding company, called Orascom Development Holding AG, would become the group's new parent company, to be listed on Switzerland's SWX stock exchange.
Sawiris has said he expected the shares to trade on the Swiss exchange around May 7, and said the company was planning a small capital increase to "lure the European market".
Trading in Orascom Hotels shares was suspended before the results announcement and had not resumed by 1108 GMT.
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