Profits quadruple at Egyptian property group Palm Hills in Q2

 Palm Hills, Egypt's second-biggest listed property developer, reported on Thursday a four-fold increase in second-quarter net profits on the back of increasing revenues, the company said on Thursday.

Palm Hills reported quarterly net profit of LE431.2 million ($55.07 million), up from LE84.7 million in the same period last year.

The company's quarterly revenues rose about 65 percent to LE729.37 million, up from LE441.29 million pounds a year ago, Palm Hills said in the statement on the Egyptian bourse.

The Egyptian developer also saw first half profits jump to LE645.95 million, from LE134.44 million in the same period last year.

($1 = LE7.8300)

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