Egypt's Palm Hills shrinks net loss in 2012

Egypt’s Palm Hills Development Company, the country's second biggest real estate developer, recorded a LE134.6 million (about $20 million) net loss in 2012, a decrease of 59 percent compared to the preceding year, the firm announced on Thursday. The firm recorded a net loss of LE327 million (roughly $48.2 million) in 2011. Palm Hills’ revenues, meanwhile, dropped by 30 percent year-on-year in 2012 to stand at LE392 million (about $58 million). The drop in revenues of Palm Hills is due to delayed apartment deliveries and poor land sales, the Egyptian investment bank Beltone Financial said on Thursday. The firm, battered by investigations into previous state land sales and by client cancellations after the uprising that toppled Hosni Mubarak last year, has signed a $59 million contract with Orascom Construction Industries (OCI) earlier this month to carry out their luxury housing project Golf View in West Cairo. Source: Ahram Online