Egypt’s SODIC Reports 85.1 Mln H1 Net Profit

Egypt’s Six of October Development & Investment (SODIC) – (OCDI.CA), the country’s third-biggest listed property developer, posted a first half net profit of EGP 85.1 million ($14 million) for 2012, compared to net loss of EGP 120.0 million loss for the same period a year ago.

SODIC reported standalone net profits of EGP 71.864 million during H1/2012, compared to net losses of EGP 88.910 million during H1/2011.

Unconsolidated operating revenues rose during H1/2012 to EGP 597.189 million, compared to EGP 102.757 million during H1/2011.

Additionally, operation profits – after excluding the costs – fell to EGP 71.864 million for H1/2012, compared to EGP 88.910 million for the same period a year ago.

Shareholders’ equity rose to EGP 2.372 billion for H1/2012, compared to EGP 2.353 billion for H1/2011.

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