Egypt to restore King Tutankhamun's mask after botched epoxy job    Stocks eye biggest rally in 4 years on Fed relief    Barcelona back Messi in tax fraud case    Turkey says concerned about new Syrian migrant wave as Russia strikes    Sepp Blatter appeals FIFA suspension: report    BREAKING: Tunisian National Dialogue Quartet wins Nobel Peace Prize    'Infectious' Klopp promises "full throttle" football at Anfield    Four Palestinians stabbed in southern Israel, Israeli suspect held    Time tactics on the dam    Conditional support    Moscow's divisive plans    New support for the private sector    Briefs    The mark of victory    All fall down    Super away    Egypt and karate the winners    A poor performance?    Universities under control    Apathy resurgent    Theatre    Music & Dance    Rediscovering cultural heritage    Egyptian court accepts prosecution appeal against Islamist figures' release    Lifting Iran sanctions will have an impact on the oil market: Lagarde    Orascom Telecom, Act Financial seek 100 pct of Beltone Financial    Dollar gets lift from higher U.S. yields    Controversial candidates Ezz, El-Masry out of Egypt's electoral race    Proverb of the day: They said, "The camel climbed the palm tree," they said; "Here is the camel and here is the palm tree," the others answered قالو الجمل طلع النخلة قالوا أدي الجمل و أدي النخلة    Stinky Paris: Garbage collectors strike over pay, cost cuts    French PM to visit Egypt on Saturday for cooperative deals    Fiat Chrysler, U.S. union UAW reach tentative agreement    Pro-Sisi coalitions to dominate Egypt's parliamentary elections    White House condemns violence in West Bank, Jerusalem    Obama apologizes to MSF after bombing    Egypt's annual inflation spiked in September    Climate change risks endemic conflict, migration, says new defence think-tank chief    Nobel Prize in literature: What to look out for    Egypt Super Cup is a difficult mission: Ahly's caretaker coach Zizo    Egypt's Pope Tawadros II makes first official trip to U.S.    Egypt's left wing groups downcast ahead of parliamentary elections    Sisi rejects criticism of Saudi Arabia over Hajj tragedy    Freed Al Jazeera Journalist Mohamed Fahmy Leaves Egypt for Canada    wires- Benzene in traffic emissions tied to childhood leukemia    Egypt coach Cuper calls for football fans return    INTERVIEW: Egypt's antiquities minister speaks on the search for Nefertiti in Tutankhamun's tomb    Egypt's bourse to close Tuesday for national holiday    Egypt pledges fast work amid search for Nefertiti's tomb    

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.