Cairo - Arabstoday
Egyptian real estate developer SODIC said it made a net loss last year, when the industry was thrown into turmoil by legal challenges to state land sales and a mass uprising. However, the country’s third-biggest listed developer painted a more upbeat picture for 2012. SODIC reported a loss of 193 million Egyptian pounds ($32 million) for 2011 after making a profit of 135 million pounds a year earlier, it said in a statement published by the stock exchange. Its shares fell 4 per cent on the Egyptian Exchange, outpacing a 1.2 per cent drop by the benchmark EGX30 index. Analysts say they are focusing less on the results of Egyptian property firms than on their balance sheets and their progress rolling out projects and securing pre-sales given the economy is still suffering from last year’s uprising and that doubts linger about the sanctity of some industry contracts. “During a tough 2011 SODIC preserved the strength of its balance sheet, improved cash collection delinquency rates, increased receivables and maintained healthy levels of cash on hand,” the company said in a statement. It said it had several projects lined up for launch and had made progress on issues surrounding its land bank, securing a development plan from the government for a key housing project.