Egypt Mining Companies, Natural Gas & Mining Project Reported Net Income Increase 14%

Natural Gas & Mining Project, Egypt’s largest publicly traded gas distributor, said full-year profit advanced 14 percent. It didn’t give a reason for the gain.

Net income rose to 144.2 million Egyptian pounds ($26 million) in the year ended Dec. 31, from 126.2 million pounds a year earlier, the Cairo-based company said in a statement e- mailed to the Egyptian Exchange.

Revenue from new residential subscribers climbed to 412 million pounds from 297 million pounds, while new industrial subscribers generated sales of 176 million pounds in 2008 compared with 145 million pounds in 2007, according to the statement.

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