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

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