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Sodic swings to 2011 net loss

Cairo, April 17, 2012

Egyptian real estate developer Sodic said on Tuesday it fell to a net loss last year, when the industry was thrown into turmoil by challenges to state land sales and a mass uprising.

Sodic, the country's third-biggest listed developer, reported a loss of 193 million Egyptian pounds ($31.96 million) for 2011 after making a profit of 135 million pounds a year earlier, it said in a statement published by the stock exchange. – Reuters




Tags: Egypt | Cairo | Sodic | loss | 2011 |

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