CAIRO: Egyptian real estate developer Palm Hills Development (PHD) posted net profit of LE 157 million ($28 million) in the first six months of 2009, down from LE 362 million during the same period last year. The company's net profit for the second quarter of 2009 rose 57 percent to reach LE 96 million ($17 million), according to a company statement. Net sales for the second quarter of 2009 totaled LE 242 million, an 86 percent growth from LE 130 million recorded in the first quarter of the year. "The Egyptian real estate market has held up very well this quarter given the current economic climate, relative to previous quarters where the economy witnessed a significant slow down, the company said. There was also a 54 percent increase in gross contracts signed over the first quarter of the year, valued at LE 807 million. The developer's total land bank remained at 48.8 million square meters. Yasseen Mansour, chairman and CEO of PHD, said, "Our strategy of diversified but complementary businesses as well as our robust funding platform in the real estate sector has enabled us to generate healthy results for our shareholders during this global recession, as we have increased our operating profit by 36% over the previous quarter. PHD is listed on Egyptian Stock Exchange (EGX) and on the London Stock Exchange (LSE). -Daily News Egypt
