MSCI, economy worries sink Qatar; Egypt down on FX fears    Giza Pyramids to light up in recognition of Paris climate change summit    Egypt targets 5-5.5% growth, 9- 9.5% budget deficit in 2016/17: Ministry    On the sidelines of COP21, organisers draw attention to global waste of resources    Atletico Madrid could spend to cover for injured Tiago, says coach    New Suez Canal saves "5-10% of total operating costs"- Intesa Sanpaolo report    Schedule for first day of COP21    Ban Ki-moon asks Turkey, Russia to de-escalate tension    Ahly's striker Evouna out for a week with an ankle injury    Clinton to unveil $275bn infrastructure plan to create jobs    Oil dips on firm dollar, ahead of OPEC meeting    Asia shares fall on China caution, yuan jumpy ahead of IMF decision    Obama, Xi to meet on sidelines of Paris climate conference    Pope did not acquire Israeli visa for Jerusalem visit: Orthodox Church    Egypt's interior ministry will not be lenient with policemen amid torture reports    Asus enters Egypt's smart-phone market    Egypt's parliamentary run-off vote abroad kicks of today    Egypt to introduce court circuits for 'women's abuse' cases    Security forces disperse protest by post-graduate degree holders in Tahrir Square    Afreximbank offers to improve Egypt's FX liquidity with $1 billion facility    80-year-old Egyptian parliamentary candidate dies before run-offs    PHOTO GALLERY: Rallies without marchers in Paris ahead of climate summit    Proverb of the day: He who you underestimate will beat youاللى تستهتر بيه يغلبك    U.S. presidential candidate says ousting Egypt's Mubarak was a ‘mistake'    '90 percent chance of hidden rooms in Tut tomb', Egypt says    IS affiliate in Egypt claims responsibility for killing Giza policemen    Four Egyptian policemen shoot dead in Giza Pyramids    TURKEY'S ACTIONS SHOW THE DESPAIR OF THE REGIME CHANGE CAMP    Picture of the day: Thousands organise 'Black Friday' protest against police murder in Chicago    Fault lines defined?    Briefs    Clamour for cheaper groceries    Explosion in the north    ‘Gender equality not just a women's issue'    Cairo turns orange    CINEMA    Not over yet    Sudden exit    Clutch the trophy    THEATRE    For the love of cinema    EXHIBITIONS    wires- Rare, 25-carat pink diamond found among Imelda Marcos collection: Christie's    Egyptian film Out on the Street wins best film award at Latin-Arab Int'l Film Festival    Women and Copts oppose constitutional changes    تييري هنري يقود نجوم الكرة حول العالم: صلوا من أجل باريس    Russia needs own investigation into doping allegations: Putin    US, Egyptian, Italian alliances win Maspero Triangle replanning contest    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt's Palm Hills posts H1 net loss
The bluechip developer was hard hit by widening graft probes that have frozen sales and increased cancellations
Published in Ahram Online on 21 - 08 - 2011

Egyptian real estate firm Palm Hills Developments , the country's second-biggest developer slipped to a 2011 first-half net loss of 81.4 million Egyptian pounds ($13.6 million), the stock exchange said on Sunday.
The firm, hard hit by an uprising that toppled President Hosni Mubarak and widening graft probes that have frozen sales and increased cancellations, reported a 191.4 million net profit in the first half of 2010, the note said, without providing further details.
Palm Hills had reported a first-quarter net loss of 36.2 million Egyptian pounds, compared with a year-earlier net profit of 107 million pounds.
Palm Hills is among several real estate firms facing legal challenges contesting its land bank.
Its Chairman Yasseen Mansour was among several businessman who were facing corruption charges. Mansour and the former housing minister Ahmed el-Maghrabi were cleared of corruption charges in a state land sale last month.
But although Mansour was cleared of criminal charges, the company is awaiting a verdict by another court on whether the contract for one of its land plots will be scrapped. That court is due to hear the case on Oct. 4.
The firm is facing court cases contesting the legality of two of its land plots and has said it would return at least two other plots of land to help manage cash flows.

Clic here to read the story from its source.