Porto Group (Porto) released its financial and operational results for 1Q16. The following are the main highlights:   One new launch was completed in 1Q16, namely Porto Pyramids – a 102,000-sqm apartment duplexes gated project in West Cairo, with unit sizes ranging between 150 sqm and 240 sqm. The project will also include a five-star hotel and a sports club. Management estimates total contracted sales from the project to be cEGP1.8bn   Contracted sales were EGP446mn in 1Q16 (only available comparative figure is for 1H15: EGP954mn), with sales coming from Porto October, Porto New Cairo, Porto Island, Porto Matrouh, Porto Lagoons and Porto Pyramids Sales backlog grew 7.8% over the quarter to EGP5.6bn, to be realised in revenue over the coming three years, according to management   82 units were delivered in 1Q16, for a combined value of EGP186mn, with deliveries at Porto October representing the bulk of the deliveries Total revenue was EGP191mn, gross profit was EGP68mn, translating into a gross profit margin of 36%. Net income after tax at EGP28mn. There are no comparative reported figures for Porto since it is a newly-established entity     We shall provide further details, if any, once the earnings release is made available. (Company disclosure, Mai Attia, Sara Boutros)