Egypt's police kills 4 Hasm terrorists implicated in recent attacks    UN Agencies urge international community to greatly increase support for Yemen    Muslim cleric: Protest to go on despite Israeli concession    Libya's al-Serraj, Haftar commit to ceasefire at talks in France    Trial of Al Jazeera for broadcasting violated content    Lobna Helal: No. 2 Most Powerful Arab Businesswoman    Muslims to celebrate start of Eid al-Adha Festival on 1 September    I will not tolerate extremist thought on campus: Al-Azhar University dean    Car bomb kills 7 people in Egypt's North Sinai    Youth conference increased confidence in future, footballer    تغريدة - ماذا قالت جمهاير أستون فيلا عن الظهور الأول للمحمدي "مبهر.. هو بالتحديد ما نحتاجه"    Egypt to explore oil in Red Sea for first time in history    Gala Concert at the Alexandria Opera House    U.S. State Department report values Egypt's Anti-Money Laundering and Anti-Terrorism Financing efforts    Gloria Gaynor visits Egypt's Pyramids ahead of concert    Gloria Gaynor arrives in Cairo, and yes she'll sing 'I Will Survive'    Former Brazilian football star Ronaldinho visits Egypt's Pyramids    مباشر انتقالات أوروبا – سانشيز يقرر مصيره مع أرسنال.. وبرشلونة يسترد ديولفيو    Mohamed Salah spends Eid holiday in Egypt after move to Liverpool    تغريدة – ماذا قال مشجعو ليفربول عن صلاح "الصفقة المسروقة وأسرع رجل حي"    2 June deadline to serve units allocated for Egyptian expats    Propertyfinder receives demand requests for property worth EGP 4.6bn in Q1    HHD, Al Oula sign EGP 500m finance lease to develop New Heliopolis City utilities    Egypt needs huge investments and 10 million tourists    Polezni Durak and the summit of Riyadh    Former ERTU head Safaa Hegazy mourned    How 5 alternatives left ‘no option' for Maspero Triangle residents    In Pictures: Lanterns' brightness glows Egypt's ashen streets    Borussia Dortmund win German Cup, beating Frankfurt 2-1    Raikkonen on pole as Ferrari lock out Monaco front row    Egypt pledges right to self-defence before UNSC by Libya airstrikes    Supreme Council of Antiquities to launch Cairo Pass permits for foreigners in Cairo and Giza    Summer Of Love: Beatles album &. Pepper's turns 50    Gomez penalty puts Wolfsburg in front in relegation playoff    Star Wars turns 40, but the Galactic Empire is far from over    High Administrative Court questions constitutionality of Emergency Law articles    Army destroys two tunnels beneath Egypt-Gaza border    After tribal clashes, is Sinai militancy turning into proxy war?    Newsreel    New Year routine    Imminent cabinet reshuffle    Footballer furore    In quest of national consensus    ‘Protecting the weakest'    Briefs    IMF open to scrutiny    Art heist goes wrong    All the fun of the Book Fair    







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





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.