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Egypt's SODIC posts nine-month net loss

Sodic posted a nine-month net loss before minorities of 156.7 million Egyptian pounds, the stock exchange said on Wednesday.
Sodic | 30.11.2011
Egypt's SODIC (OCDI), the country's third-biggest listed property developer, posted a nine-month net loss before minorities of 156.7 million Egyptian pounds, the stock exchange said on Wednesday.

The real estate firm, which does not fully recognise revenues until it delivers units, made a net profit of 106.2 million pounds in the same period last year.

The stock exchange did not provide further details.

Egypt's property market has been a major driver of foreign investment and growth but is now reeling from a string of legal rows over state land sales.

SODIC has not been directly implicated in the disputes but the firm's former chairman, the father-in-law of Mubarak's eldest son, is facing trial for his role in a questionable land sale.