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Egypt's Palm Hills turns profitable in Q1 2013
Egypt's second largest listed real estate developer sees profits of $6.5 million in first quarter of 2013
Ahram Online Published in Ahram Online on 15 - 05 - 2013

Real estate developer Palm Hills Development (PHD) realised a consolidated net profit of LE45.3 million (approx. $6.5m) in the first quarter of 2013, up from a net loss of LE16.3 million in the same period last year.
Palm Hills Development, Egypt's second largest listed developer, was battered by legal troubles over its land bank and client cancellations following the 2011 revolution.
The company recorded a LE134.6 million (approx. $20 million) net loss in 2012, a decrease of 59 percent compared to the preceding year.
In March, the firm signed a $59 million contract with Orascom Construction Industries (OCI) to carry out their luxury housing project Golf View in West Cairo.
Palm Hills' share in Egypt's stock exchange had risen 3.95 percent by 1pm on Wednesday.
http://english.ahram.org.eg/News/71508.aspx

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