Sodic posts nine-month loss of $26m
Cairo, November 30, 2011
Egypt's Sodic, the country's third-biggest listed property developer, posted a nine-month net loss before minorities of 156.7 million Egyptian pounds ($26.1 million), the stock exchange said.
The real estate firm, which does not fully recognise revenues until it delivers units, made a net profit of 106.2 million pounds in the same period last year. The stock exchange did not provide further details.
Egypt's property market has been a major driver of foreign investment and growth but is now reeling from a string of legal rows over state land sales.
Sodic has not been directly implicated in the disputes but the firm's former chairman, the father-in-law of Mubarak's eldest son, is facing trial for his role in a questionable land sale. - Reuters
More Construction & Real Estate Stories
- Qatari group unveils $823m giant mall project
- Tecom announces new operational structure
- Better Homes releases property guides
- Drake & Scull clinches $461m Saudi contract
- Obayashi-HBK venture wins Doha project deal
- Bahrain halts digging at housing project site
- Strike won't affect projects says Arabtec
- Bahrain cuts new property registration cost
- IPIC to use $4bn pipeline payment to repay debt
- MMG appoints advisor for debt restructuring