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Egypt's Palm Hills shrinks 9-month losses
November 18, 2012 / 9:07 AM / 5 years ago

Egypt's Palm Hills shrinks 9-month losses

CAIRO, Nov 18 (Reuters) - Egypt’s Palm Hills, the country’s second biggest listed developer, posted a net loss of 83.3 million Egyptian pounds ($13.7 million) in the first nine months of 2012 compared to a loss of 99.1 million a year earlier, the bourse said on Sunday.

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 21 months. ($1 = 6.1013 Egyptian pounds) (Reporting By Tamim Elyan)

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