Egypt’s Palm Hills Q2 net loss USD7.5m
22 Aug 2011
(MENAFN) Egypt’s Palm Hills Developments said that due to low revenues from its real estate operations, in the second quarter, the real estate company’s net loss reached USD7.5 million from a profit of USD13.9 million in 2010, reported Arab News.
The country’s second-largest developer added that the Egyptian uprising had its toll on the firm, during which sales were stopped and many investors and buyers cancelled deals.
It also said that the company’s revenue from real estate projects dropped 46 percent in 2011’s first six months from USD86.5 million in 2010’s same period to USD46.5 million, whereas net loss in the first half reached USD13 million from a net profit of USD31.7 million in 2010.
It is worth noting that following the Egyptian uprising, the firm encountered several lawsuits related to corruption and the legality of two of its land plots.