Egypt’s Palm Hills Reduces H1 Loss To 80.7 Mln Pounds

Palm Hills, Egypt’s second-biggest listed property developer, reduced its net loss for the second half to 80.7 million Egyptian pounds ($13.25 million) from 81.4 million pounds a year earlier, the stock exchange said on Wednesday.

The firm, battered by investigations into previous state land sales and by client cancellations after the uprising that toppled Hosni Mubarak last year, has made few new sales over the past 18 months.

Reuters