Egyptian Resorts swings to Q1 loss: Bourse

Reuters, Wednesday 16 May 2012

Real estate firm takes a hit, battered by its lack of land sales to developers since late 2008

The real estate firm made a loss of LE5.5 million in the first three months of the year, compared to a profit of LE1.3 million in the same period of 2011, Egypt's stock exchange said, without giving further details.

Egyptian Resorts and other property firms have been hit by the political and economic turmoil that followed the overthrow of President Hosni Mubarak last year. It has not sold any land to developers since the third quarter of 2008.

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