Cairo - Osascom Development AG, the Egyptian luxury development firm, reported Thursday increased profits and revenues in the first nine months of the year.

Total revenue hit 416.5 million Swiss francs (408.1 million dollars), up 8 per cent on the same period in 2008, and profit reached 93.9 million, up 10 per cent.

Real estate and construction revenues increased by 26 per cent, and were making up 45 per cent of total revenue. The hotel sector grew 12 per cent, mainly on a cost savings plan to cushion the impact of a drop-off in occupancy rates, along with increased prices.

In Egypt, and particularly in Oman, ongoing housing projects saw values of pre-sold real estate units drop significantly, blamed on market conditions.

The group's net debt increased by 49 per cent and stood at 295 million francs, which was attributed to loans for new developments.

Earnings per share fell 1 per cent to 3.08 francs.

In 2008, the company, listed on the Egypt and Zurich exchanges, moved to Switzerland after landing a contract at Andermatt in the Alps and began its expansion outside the Middle East.

This year, the group moved into Montenegro and Britain, and said it has also began affordable housing projects in the recent period. (dpa)