Egyptian real estate company Amer Group's first-half net profit fell 13 per cent to LE201.4 million ($33.7 million), the bourse said on Tuesday. Amer, a property conglomerate, began trading on the stock exchange on 30 November last year after a heavily-oversubscribed initial public offering. The firm, which owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses, made a net profit of LE232.3 million for the same period in 2010. The developer's unaudited first quarter net profit was LE133.9 million ($22.5 million). In June, the Egyptian Center for Economic and Social Rights filed a law suit contesting the allocation of 2.8 million square metres of land in Fayoum governorate to the Amer Group for building a luxury resort. Earlier in May, the bluechip developer returned 588feddans(2.6 million square metres) to the governorate of Matrouh following the termination of a purchase agreement. A statement from the company said it had made the decision “in order to reduce its exposure on the north coast as it foresees a possibility of lower demand for second homes in Egypt in the near term.”