Egypt's Palm Hills Development Company's first-quarter net profit dropped by more than 40 per cent year-on-year to E£105 million ($11.82 million), the real estate company said in a bourse statement on Monday.

Palm Hills said that revenue rose to E£1.072 billion ($119 million) in the quarter, compared with E£743 million ($83 million) in the same period last year, adding that January's adoption of amendments to the Egyptian Accounting Standards had deferred some profit.-Reuters