Edition:
United Kingdom

Egypt's Palm Hills Developments Q3 profit falls


Thursday, 2 Nov 2017 

Nov 2 (Reuters) - PALM HILLS DEVELOPMENTS COMPANY SAE ::Q3 NET PROFIT AFTER TAX AND MINORITY INTEREST EGP 118 MILLION VERSUS EGP 235 MILLION YEAR AGO.Q3 REVENUE EGP 1.53 BILLION VERSUS EGP 1.49 BILLION YEAR AGO.NEW SALES FOR NINE MONTHS 2017 REACHED EGP 8.1 BILLION, GROWTH OF 44 PERCENT YOY.NINE-MONTH CASH INFLOW FROM OPERATIONS RECORDED EGP 3.5 BILLION, A GROWTH OF 65 PERCENT YOY.NINE-MONTH CONSTRUCTION EARNED VALUE STOOD AT EGP 1.7 BILLION.Q3 NET PROFIT HIT BY INCREASE IN LAND LIABILITIES, MINORITY INTEREST, INTEREST CHARGES AND EGP 25 MILLION ONE OFF HIT FROM DISCOUNTING OF RECEIVABLES.DESPITE FLOATATION OF EGYPTIAN POUND AND RESULTING INFLATION, CO STILL EXPECTS SALES GROWTH DURING REST OF FY 2017. 

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