Issue No 304 - 23 March 2009
Egypt's Sodic net profit plunges

Egypt's Sixth of October Development and Investment (Sodic) consolidated net profit plunged over 90 percent to 26.8 million Egyptian pounds ($4.8 million) in 2008, the company said.

Its net consolidated profit in 2007 was 330.9 million pounds.

The Egyptian real estate developer had said earlier this month that its full-year standalone profit fell 87 percent, but that profit growth should rebound by 2010 as the company completes house sales with customers.

Standalone profit for 2008, which does not include revenue from subsidiaries, was 46.8 million pounds. Net standalone sales were 222.6 million pounds in 2008, about half their level in 2007.

Real estate sales have fallen as the global economic crisis hits Egypt, the most populous Arab country. Sodic, with about 5 million sq m under development, has residential and commercial developments east and west of Cairo.

Source: Trade Arabia News

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