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FINANCIAL NEWS
Egypt’s Palm Hills narrows loss to USD13.7m in Jan-Sep
18 Nov 2012
(MENAFN) Egypt’s Palm Hills announced that it managed to narrow its net loss in the January-September period as the business environment started to improve in the country, reported Reuters.
The company, Egypt’s second-biggest listed developer, reported a net loss of USD13.7 million in the nine-month period.
The figure is compared with a loss of USD16.19 million in the first nine months of 2011.
It said that it managed to make few new sales over the past 21 months.
It is worth noting that after the uprising that ousted president Hosni Mubarak in 2011, the company went through investigations related to previous state land sales and client cancellations.
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