Egypt’s Housing and Development Bank’s (HDB) first quarter net profit tumbled 45 percent from the same period a year earlier, the bourse said on Monday.

The firm made a consolidated profit of LE 59.7 million ($10.5 million), down from LE 108.3 million in 2009, the stock exchange said.

Last year, HDB bought 39 percent of Dubai-based Damac Holding’s Egypt unit, whose main project is the 1,500 hectare Hyde Park housing development east of Cairo.