Profits soar for Egypt’s Orascom Hotels

Egypt’s Orascom Hotels and Development posted a 178 percent rise in net profit for the first half of 2006 to 127 million Egyptian pounds ($22 million), the stock exchange told Reuters news agency. The firm reported a net profit of 46 million pounds in the same period of 2005.

Earlier this month, Orascom Hotels lost an auction to buy a 7 kilometre strip of prime luxury tourism real estate on Egypt’s Mediterranean coast.

The land was ultimately bought by Dubai’s Emaar Properties for $175 million.