Amer Group Finalizes Porto Matrouh With EGP 200 Mln

Amer Group Holding (AMER.CA) has completed all the necessary procedures regarding licenses and layouts for its new project – Porto Matrouh in which the costs range between EGP 180 million and EGP 200 million.

Riad Refaat, Investor Relations Director, said Amer Group has started the implementation of Porto Matrouh project which is made on a land of 839 thousand meters as the company has completed most of the layouts and licenses.

“Porto Matrouh is one of Amer Group’s series of projects planned to carry out within this year. The outcome is to be flourished within the coming years.” Refaat added

Worth mentioning, Amer Group’s standalone business results during Q1/2012 have revealed that the company posted net profits of EGP 61.725 million, down 54%. Noting that It had posted net profits of EGP 133.904 million during the same comparable period of 2011.

Elsewhere, the unconsolidated business results for Q1/2012 have shown that the company posted net losses of EGP 5.305 million, compared to EGP 501.817 million a year earlier.