Egypt's Palm Hills posts 2013 profit of $34 mln

Reuters, Wednesday 29 Jan 2014

Palm Hills
The corporate logo of Palm Hills Developments. (Source: Reuters)

Palm Hills, Egypt's second-biggest listed property developer, turned a profit of 236.8 million Egyptian pounds ($34 million) in 2013, the company said on Wednesday.

The luxury real estate developer made a net loss of 134.6 million pounds in the previous year, it said in a statement.

The firm struggled in 2012 after it faced investigations into previous state land sales and client cancellations after an uprising toppled president Hosni Mubarak in 2011. ($1 = 6.9618 Egyptian pounds) 

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