‘Helwan Brigades' are Muslim Brotherhood members: Interior ministry    Withdrawal of Al-Wasat Party from Anti-Coup Alliance receives mixed reactions    US to send 10 Apache helicopters to Egypt    Gas imports from Israel to save Egypt $10 per million BTUs    Public banking exemption from Suez Canal certificates ‘necessary' to maintain liquidity': Arabiya Online chair    NBE receives 800 applications for mortgage funding for low- and middle-income individuals    Police officer accused of sexually assaulting mentally handicapped girl investigated: Interior ministry    Hotels meet to discuss confronting of sexual harassment, assault in tourism sector: Hany Al-Shaer    Government outfits kiosks for street vendors to transform them into small merchants: PM    Sentencing in the Istiqama Mosque Trial    Ahli to meet Cameroon's Coton on September 20    S&P 500 Edges Up To Set New Record; Best Month Since Feb    IMF Board Stands Behind Lagarde Over French Probe    Obama, In Estonia And At NATO Summit, To Send Strong Message To Putin    Sinai Villagers Find Decapitated Head Of Kidnapped Man    El-Sisi Reiterates Libya Bombing Denial As US Backtracks    Two Tremors Hit Egypt Friday Morning    Brad Pitt and Angelina Jolie Are Finally Married    Anti-Coup Alliance announces another week of protests    Egyptian foreign minister, Somali planning minister discuss bilateral relations    Ahmed Seif El-Islam, Leading Light Of Egypt Human Rights, Has Died    Wall Street Drifts To Another Record In Light Trading    Police Blame El-Shater's Son-In-Law For Cairo Militant Group    Is It Time For Egypt's New Capital City?    Cameroon's Eto'o raring to go after joining Everton    Morocco's Benatia happy after sealing 'dream move' to Bayern    Islamic State commits war crimes, Syrian govt using poison gas :UN    BREAKING: Human rights activist Ahmed Seif El-Islam dies at 63    Dutch farmers dump tonnes of produce as Russian sanctions hit prices    Second round of literary festival attracts thousands of young Egyptians    OCI N.V. reports 9% net-profit rise in H1 2014    WHO urges stiff regulatory curbs on e-cigarettes    Manchester United's humiliation is Milton Keynes' glory    Syria, Iraq Tension Revives Business for Egypt Firms    INTERVIEW-Wife of imprisoned aide to Egypt's Mursi brings case to UN    Washington claims Egypt, UAE behind bombing raids in Libya    Dozens Protest At Cairo's Gezira Club Over Mass Killing Of Cats    رسميا .. بايرن ميونخ يضم مهدي بنعطية من روما    Former health minister Mamdouh Gabr dies at 87    At Least 19 Killed in Bus Crash in Egypt's Luxor Today    Art Alert: First Jews of Egypt documentary to be screened at Zawya    Girls from Brazil's favelas find escape in ballet    VIDEO: Koka hits hat-trick for Rio Ave    Egyptian Court Adjourns Port Said Massacre Retrial To 21 September    ‘Port Said Massacre' retrial pushed back to 21 September    War on Gaza stops award-winning director from attending Sarajevo film festival    Bringing international literature to the blind    Egyptian documentary ‘The Square' wins three Emmys    







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.