Egyptian property developer Talaat Moustafa Group Holding said its net profit for the third quarter of 2009 was 304 million Egyptian pounds ($56 million), down from 463 million pounds a year earlier.

The firm's revenue for the period fell 38 percent on a year ago to 1,168 million pounds, figures published in Egyptian newspapers on Wednesday showed.

'According to management, (Talaat Moustafa's) decrease in revenues is due to the company's strategy to slow down new sales and focus on the construction of sold units, in the light of stabilised building material prices,' investment bank Beltone Financial said in a research note.-Reuters