Egypt’s biggest listed property developer Talaat Moustafa Group’s (TMG) net profit rose 5.6 percent in the second quarter of 2010, less than an average forecast from analysts.

The firm made a net profit of LE 338.3 million ($59.59 million) in the quarter, up from LE 320.5 million a year earlier, according to a bourse statement.

A Reuters poll of three analysts had given an average forecast of LE 371.9 million for second-quarter profit.

Talaat Moustafa, which owns land in Egypt and Saudi Arabia, does not fully recognize revenue from most home sales until the units are handed over to the customer.

Many homes in Egypt are sold off-plan, or before construction, and buyers can wait as long as five years before they move in.