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FINANCIAL NEWS
Egypt’s Sodic achieves $9.96m earnings in Q3
22 Nov 2010
(MENAFN) Sodic, an Egyptian real estate firm announced that it has returned to profit during the July-September period of the current year, posting earnings of $9.96 million, compared to a $1.6 million net loss during the corresponding period a year earlier, due to increased revenues, Reuters reported.
According to Sodic, revenues during the mentioned period soared to reach $15.3 million, up from $1.4 million in the previous year.
The real estate company�s net profit by September-end of 2010 accelerated to $18.7 million, as opposed to a loss of $5.2 million in 2009.
The company said in October it had achieved $278.2 million worth of sales between January and October and made more than 50 percent of its profit from commercial projects.
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