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Egypt Palm Hills net profit down 40pc

CAIRO, May 9, 2016

Egypt's Palm Hills Development Company's first-quarter net profit dropped by more than 40 per cent year-on-year to E£105 million ($11.82 million), the real estate company said in a bourse statement on Monday.

Palm Hills said that revenue rose to E£1.072 billion ($119 million) in the quarter, compared with E£743 million ($83 million) in the same period last year, adding that January's adoption of amendments to the Egyptian Accounting Standards had deferred some profit.-Reuters




Tags: Egypt | profit | Palm Hills |

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