The Daily News Egypt reported yesterday that real estate company Sixth of October Development and Investment (SODIC) reported a net profit of 229m, however, 2013 actually ended with a net loss of EGP 447m.
“The company actually made a net loss. This [229m net profit] would have been the figures if not for the take-offs,” a company official said.
“SODIC reported a significant accounting loss for the year, due to two extraordinary, one-off cancellations and a 100% impairment of its investment in Syria which impacted the company’s revenues, gross profit and net income,” the company said in an official statement.
Earlier this month, the company settled its dispute with New Urban Communicates Authority.
“SODIC accepted NUCA’s request for an additional land payment of EGP 900 million to be paid over seven years in return for dropping all outstanding legal disputes on SOREAL (a SODIC-owned company) and agreeing on a new development time frame of up to five years starting from the date of the agreement,” the statement added.
