Egypt's Sodic posts $32m net loss for 2011

Egyptian property developer Six of October Development and Investment Co (Sodic) has said it swung to a net loss last year, when the industry was thrown into turmoil by challenges to state land sales and a mass uprising, Reuters has reported. The country's third-biggest listed developer posted a loss of EGP193m ($31.96m) for 2011 after making a profit of EGP135m a year earlier, Sodic said.