Orascom Construction Industries (OCI) posted a near-fourfold increase in third-quarter net profit on higher fertiliser revenue, but still missed analysts' forecasts, sending the stock tumbling.

Egypt's largest builder by market value said it had made $205.1 million in the quarter, below forecasts ranging from $248 million to $285 million. Shares were down 10.6 per cent by 1045 GMT, with Egypt's benchmark index down 6.5 per cent.

Revenue for the quarter rose 75 percent to $991.9 million, the Cairo-based group said in a statement.

'The results were good, but not spectacular,' said Ismail Sadek, analyst at Cairo-based investment bank Beltone Financial.

Results were below his expectation of $285 million because of a foreign exchange loss and slower-than-forecast construction revenue, he said.

The company posted a foreign exchange loss of $21.7 million in the third quarter, according to a financial statement it sent. It did not give further details.

The revenue from the company's construction group reached $737 million, 18 per cent below forecast, investment bank EFG-Hermes said in a note to clients.

Revenue from construction could rise by up to 50 per cent next year, helped by more infrastructure spending in the Gulf Arab region, chairman Nassef Sawiris told Reuters.

Revenue from fertilisers was likely $255 million, 1 percent above forecast, EFG-Hermes said.-Reuters