Egyptians collect 9 medals at Sahl Hasheesh Triathlon    Sisi visits Wahat Al Karama Memorial, Zayed Grand Mosque    Dar Al-Ifta warns against possible prosecution against Sunnis in Iraq    Mohamed Aly elected member of World Karate Federation    Crown prince Vajiralongkorn proclaimed king of Thailand    Could president Trump actually fulfill his anti-immigration promises?    Meet American & European tourists travelling to Sharm El Sheikh    USA returns ancient artifacts to Egypt    Egypt qualifies to 2016 Women's World Team Squash Championship semifinals    Egypt ranks 116th globally, 11th in MENA in Global Enabling Trade Report 2016    Nubians to suspend protest for 1 month, giving state chance to respond to demands    Industry Minister inaugurates 3 factories worth EGP 362m in Kafr El-Dawar    13 defendants referred to criminal court in Ismailia prison break case    Finance Ministry approves state guarantee for Toyota alliance's Suez wind farm    EU delivers over €221 MM in support to Egypt & others    Egypt denies any reconciliation with Muslim Brotherhood    Cairo hosts Fulbright regional conference on natural resources    US & Egypt stress on protecting human antiquities against 'treachery'    Parliament's Foreign Affairs Committee refutes British MP's statements concerning Brotherhood    Parliament's first drafted legislation on NGOs heavily criticised    Doctors Syndicate undersecretary summoned for investigations    MPs demand dismissal of Egypt's permanent representative to UN    MP Abdul Rahim Ali demands boycotting EU suspicious meeting    Kremlin asks Erdogan to explain his remark about toppling Assad    Sky enters UK mobile phone market with flexible data plans    U.S., Egypt to sign cultural property protection agreement today    Water cuts and rising food prices leave Mosul facing crisis    Sisi meets Eritrean counterpart to discuss means of developing bilateral ties    Iran, Iraq at loggerheads with Saudis ahead of OPEC meeting    Arabsat launches Egyptian TV bouquet at Cairo ICT 2016    Egypt to offer prime land for project development    Assad, allies aim to capture all Aleppo before Trump takes power    Kerry signs cultural agreement with Egypt    8 ISIS members sentenced to life over joining terrorist group    13 years in jail for Greeks who tortured Egyptian worker    Egypt parliament committee rejects lifting immunity from MP Mortada Mansour    Brazil football team Chapecoense in Colombia plane crash    HRW: Sisi must refuse to sign Egypt's civil society draft bill    From poor organisation to award-winning films: round-up of 38th Cairo International Film Festival    Aziz Maraka concert a big hit in Cairo    MPs reject government-drafted amendments to Egypt's NGOs law    Court rejects appeal to release novelist Ahmed Nagy for 3rd time    Archeologists unearth ancient city in Egypt's Abydos    Chinese director delights to win Cairo film award    Coming to the region    Classic squash    Introducing the Cleopatras    Egypt organises American football league, first time in the Middle East    







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.