Amazonian club apologises for players fighting each other    Egypt court criminalises strike at public offices    Greece hopes keep euro near 3-week high vs stalling dollar    Baltimore rages after the Death of a man in Police Custody    Daimler Profit lifted by Mercedes-Benz Sales    Egyptian Developer Palm Hills says Net Profit soars 332% in Q1    U.S. Tyson Foods to cut Human Antibiotics in Chicken Flocks by 2017    Salma Hayek's 'The Prophet' pays tribute to Lebanese Roots    Egyptian Basim Magdy wins Deutsche Bank's 'Artist of the Year' Award    Live score: Barcelona vs. Getafe (Spain La Liga)    Interview: Egypt keen to retrieve smuggled ancient artifacts: official    Qatari Al Mohannadi withdraws from FIFA Exco race    Egypt reopens Third Metro Line Partially    Egypt needs Two Years to "get back on its feet"- Sisi    US eyes ‘positive and promising' Bilateral Relations with Egypt- US Ambassador    Saudi Arabia Mediates Reconciliation between Egypt, Qatar and Turkey    Timeline: Key events in the history of US gay rights    INTERVIEW: UK healthcare firm Bupa has 200-300 mln pounds for acquisitions    Joseph Masaad lectures on "Islam and the choice of Liberalism" at the AUC    Women held captive in Ohio home for decade release a memoir    Japan's Prime Minister Abe says 'heart aches' over WW2 sex slaves    Egypt's stocks decline amid low turnover    Disinfectant in water tanks caused Nile Delta mass poisoning: Prosecution    Egypt hosts annual meeting of financial regulators from emerging markets    Freak storm kills 45 in Pakistan    Three U.S. Citizens among Dead in Avalanche after Nepal Quake    Egypt's Morsi trial marred by flaws, says watchdog    Chelsea's Eden Hazard named PFA Player of the Year    Iran bans magazine for encouraging cohabitation over wedlock: Report    Egyptians should stand behind their president, says Hosni Mubarak    Islamist rebels say capture army base in Syria's Idlib province    Protests after Burundi leader is nominated for a third term    Fiorentina to keep Egypt's Salah Next Season    Police fire teargas to break up Islamist protests south of Cairo    One killed, another wounded in blasts in northern Cairo    Forget me not    ‘Nothing to celebrate'    Armenians on the silver screen    Furniture Arranging 101    Syrian blood money    Extending social security    Briefs    The end is near    Equestrian elite    Three matches to forget    Yoghurt sponge cake    MUSIC AND DANCE    Election laws, mark two    







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.