CAIRO Aug 31 Egyptian real estate developer
Palm Hills posted an 8.3 percent fall in
second-quarter net profit, the firm said in a statement on
It recorded a net profit of 84.7 million Egyptian
pounds($11.85 million) in the three months ended June 30
compared with 92.4 million pounds in the same period last year.
Palm Hills struggled in 2012 after it faced investigations
into previous state land sales and client cancellations after an
uprising toppled autocrat Hosni Mubarak in 2011. In 2013 it
turned a corner and recorded a profit of 239 million pounds.
In May, U.S private equity firm Ripplewood said it had
acquired a 2.3 percent stake in Palm Hills and said it hoped to
increase its stake.
(Reporting by Asma Alsharif; Editing by Hugh Lawson)