Egyptian Resorts reports annual net loss

CAIRO, April 3 (Reuters) – Developer Egyptian Resorts
(EGTS.CA: Quote, Profile, Research) reported a consolidated net loss of 9.4 million
Egyptian pounds ($1.6 million) for the full year of 2010, the
firm said on Sunday.

The company, which makes most of its money selling land in
a large plot on Egypt’s Red Sea coast, has not sold any since
the third quarter of 2008, when the global financial crisis
dampened appetite for big real estate purchases in Egypt.

Egyptian Resorts reported a consolidated net profit of 4.7
million pounds a year earlier.

The firm said in August its board of directors agreed to
take back a plot had sold for about $11 million after the buyer
failed to meet sale requirements. [ID:nLDE67L055]

Last week, Egyptian Resorts already reported an 18 percent
rise in unconsolidated net profit to 10.6 million pounds for
2010, while unconsolidated net revenue nearly halved to 16.9
million pounds. [ID:nLDE72S1A3]

The unconsolidated numbers did not include losses the
company had registered against some land sales.

The company’s shares closed 9.7 percent higher on Sunday,
while the benchmark index (.EGX30: Quote, Profile, Research) gained 1.7 percent.
(Reporting by Marwa Awad; Editing by Diane Craft)

Egyptian Resorts reports annual net loss