Book Release: Reprint of Gamal Hamdan's 'The Character of Egypt'    3 logistical centres to be constructed for EGP 13bn    What are Egypt's chances of gaining UNSC non-permanent seat?    Marriott International reaffirms interest in Egypt to Al-Sisi    Leading shares push Egyptian bourse downward    Egyptian authorities censor newspaper    3 street vendors detained, security cancels demonstration    US Court accepts Egyptian national's guilty plea for US embassy bombings    Palestine nominates Aboul-Naga's Eyes of a Thief for Oscars    New Release: A linguistic study of the slogans of the Egyptian revolution    Turkey will fight Islamic State, wants Assad gone: President Erdogan    Egyptian national shot dead in Benghazi in militia crossfire    Policeman killed during Sohag patrol    9 sentenced to 2 years in prison for ‘illegal assembly'    Putin says will not curb Internet access despite cyber attacks    El-Sisi calls on youth to participate in Egypt parliamentary vote    Egypt secures $1.4 billion in loans from banks to repay foreign oil firms    EFG Hermes buys big stake in French wind energy firm    Cairo exhibition hosts photography from Middle East, North Africa    Egyptians launch initiative to comfort injured Palestinians receiving treatment    Sisi Buying Time for Egypt's Economy    Jpmorgan To Face U.S. Class Action In $10 Billion MBS Case    Egypt-Ethiopia Talks 'Overcame Confidence Obstacle': Minister    Dollar Scales Six-Year Peak Vs Yen, Aussie Falters On Weak Data    Hulk tells of 'monkey chants' in Russian league game    PSG ' discovered a nice team' after 3-2 win over Barcelona    Ghana's Gyan says he was racially abused by Hilal's Pintilii    Obama, Modi work to deepen improving US-India ties    EU's Ashton To Visit Egypt Ahead Of Gaza Donors' Conference    Egypt Selects Factory Girl for the Oscars    Australian Aircraft To Support U.S.-Led Air Strikes In Iraq: PM    Taliban Bombs Hit Afghan Army Vehicles, Killing At Least Seven    El-Sisi Amends Weapon Procurement Rulesa    Parliamentary Elections By End Of Year: Egypt PM    El-Sisi alters amends weapon procurement rules    Amnesty International warns of photojournalist's ongoing detention    Iceland announces men-only UN meeting on women    UN mission to combat Ebola opens HQ in Ghana    Egypt prosecutors to investigate excessive pay in public sector    Egypt to Kick off Tomorrow Suez National Museum with EGP46million    VIDEO: Ahli cruise to CAF Cup final for first time    Dissolution of Ultras White Knights referred to administrative court    Grindr warns Egyptian LGBT users against possibility of arrest    Egypt's Justice Ministry Staffers Go On Strike Over Financial Demands    Obama Raised Fate Of Jailed Journalists With Egypt's Sisi    Israel mobilises to deprive Qatar of the World Cup    Underground musicians rise to the limelight    Judge Overturns Release Of Detained Zamalek Ultras    







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




Your friends recommend

Egyptian property firm Palm Hills hit by Q3 loss
Published in Daily News Egypt on 03 - 11 - 2011

CAIRO: Egyptian real estate group Palm Hills, the country's second-biggest listed developer, reported a third-quarter net loss on Thursday, hit by weaker revenues and what analysts suspect was a high rate of cancellations.
The firm, battered by investigations into previous state land sales and by client cancellations after the uprising that toppled Hosni Mubarak in February, posted a LE 17.7 million ($2.97 million) net loss for the third quarter, which compared with a LE 153.7 million net profit in the same period last year.
Analysts said it was unclear whether the firm would manage to improve its results anytime soon, blaming uncertainty in the economy and the company's legal and political woes.
"We believe this is mainly due to further cancellations. When the company receives cancellations it must back out revenues already recognized," one analyst that did not want to be named said.
"We believe that Palm Hills will continue to have difficulties given its legal and political problems," the analyst said.
Palm Hill's revenue fell to LE 135.4 million, a 64.5 percent drop from LE 381.7 million a year earlier.
The company is just one of several real estate firms in the Arab world's most populous country facing legal challenges relating to their land holdings since a court ruled last year that a sale of state land to Talaat Moustafa Group (TMG) , the country's biggest developer, was illegal because it was not auctioned.
The probes into land deals have sped up since the uprising as attention turned to the regime's former links with businessmen.
Palm Hill's chairman Yasseen Mansour and former housing minister Ahmed El-Maghrabi were cleared of corruption charges in a state land sale in July.
But the company is awaiting a verdict from another court on whether the contract for the sale should be scrapped.
The firm is also facing other court cases contesting the legality of two of its land plots and has said it would return some plots of land to help manage cash flows.
"In the meantime, the environment in Egypt along with consumers' worries about Palm Hill's legal problems has resulted in continued cancellations," an analyst said.
Palm Hills posted a nine-month loss of LE 99.1 million, which compared with a net profit of LE 345.1 million in the same period last year.


Clic here to read the story from its source.