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Palm Hills shrinks 9-month losses

Cairo, November 18, 2012

 

Egypt's Palm Hills, the country's second biggest listed developer, posted a net loss of 83.3 million Egyptian pounds ($13.7 million) in the first nine months of 2012 compared to a loss of 99.1 million a year earlier, the bourse said on Sunday.
 
The firm, battered by investigations into previous state land sales and by client cancellations after the uprising that toppled Hosni Mubarak last year, has made few new sales over the past 21 months.



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