Egypt's Palm Hills Q2 net profit down 8.3 pct

Reuters, Sunday 31 Aug 2014

Real estate developer posts net profit of LE84.7 million for 3 months ended on 30 June, compared to LE92.4 million in previous year

Egyptian real estate developer Palm Hills posted an 8.3 percent fall in second-quarter net profit, the firm said in a statement on Sunday.

It recorded a net profit of LE84.7 million ($11.85 million) in the three months ended June 30 compared with LE92.4 million in the same period last year.

Palm Hills struggled in 2012 after it faced investigations into previous state land sales and client cancellations after an uprising toppled autocrat Hosni Mubarak in 2011. In 2013 it turned a corner and recorded a profit of 239 million pounds.

In May, U.S private equity firm Ripplewood said it had acquired a 2.3 percent stake in Palm Hills and said it hoped to increase its stake. 

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