Monday, August 18, 2008

Net profit of Egypt's property developer SODIC drops by 93.8% in H1.

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Net profit of Egypt's property developer SODIC drops by 93.8% in H1. The net profit of Egypt 's property developer Sixth of October Development and Investment (SODIC) dropped by 93.8% to reach EGP 7.2mn (USD 1.4mn) in H1/2008, according to the stock exchange website. The company's accounting standards only recognised profits upon full completion of projects. Last week, Egypt 's stock market regulator approved EGP 5mn capital increase by SODIC. The company is currently developing a number of big real estate projects. These developments range from residential projects of different types to retail, commercial and city centres aimed at becoming the main urban hubs of both east and west Cairo .

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Net profit of Egypt's property developer SODIC drops by 93.8% in H1.

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