Egypt developer Sodic net profit down in Q1
CAIRO, May 31, 2016
Sodic, one of the leading real estate groups in Egypt, has registered a sharp decline in its net profit for the first quarter which fell to E£55 million ($6.1 million) from last year's E£79.3 million ($8.86 million).
The third-largest listed property developer, Sodic had reported nearly double the profit last year over the E£40.33 million ($5.26 million) it earned in the same period in 2014.
Sodic, also known as Sixth of October Development and Investment, said its Q1 sales too witnessed a decline plunging to E£187 million ($21 million) from last year's E£284 million ($31 million).-Reuters