Egypt’s Palm Hills Q3 net seen down 17.5 pct

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Egypt’s second-biggest listed property developer Palm Hills Developments is expected to report a 17.5 percent drop in third-quarter net profit this week, according to a Reuters survey of four analysts.

The company sells homes before they are built and does not recognize some revenue on units such as apartments and multi-tenant buildings until they are finished, meaning sales
can show up on their income statement years after they are made.

Palm Hills is seen making a profit of LE 109.9 million ($19.2 million) down from 133.2 million pounds a year earlier.


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