SODIC swings to 2011 net loss

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Ehab Farouk and Tom Pfeiffer / Reuters

CAIRO: Egyptian real estate developer SODIC said on Tuesday it fell to a net loss last year, when the industry was thrown into turmoil by challenges to state land sales and a mass uprising.

SODIC, the country’s third-biggest listed developer, reported a loss of LE 193 million ($31.96 million) for 2011 after making a profit of LE 135 million a year earlier, it said in a statement published by the stock exchange.


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