Egypt’s SODIC returns to profit, posts strong sales
Egyptian property
developer, SODIC, said on Wednesday it returned to profit in the first
half of 2010, after it recognised revenue from some of its 4 billion
Egyptian pounds of contracted sales.
The firm, also
known as Sixth of October Development and Investment Company, made a
net profit of 51 million pounds in the first six months of 2010,
compared to a previously-stated loss of 20.8 million a year earlier.
SODIC, Egypt’s fourth biggest developer by market value, said it made about 1.5 billion pounds worth of sales so far this year.
Shares in SODIC closed down 1.3 percent before the results were released, while the main index fell 1.6 percent.
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