Palm Hills Q1 net loss USD6m

16 Jun 2011

(MENAFN) Palm Hills Development, said that due to the political unrest in the country, Egypt’s second largest listed developer’s first quarter net loss reached USD6 million, compared with a USD17.9 million profit in 2010, reported The National.

The company added that in the quarter, revenues went down reaching USD32.4 million from USD33 million in 2010, whereas sales dropped 75 percent.

It also said that it would intend to return its land plots on the north coast and in Cairo to the government in order to lessen land liabilities and the threat of further litigation. The land plots were a total of 900 hectares.

It is worth noting that as a result of the unrest that started January and toppled president Hosni Mubarak the following month, Egyptian developers have been threatened by risks to the execution of projects, availability of financing, slower sales and weak consumer confidence.

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