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Palm Hills reports 9% increase in quarterly income

: Saturday, May 17 - 2014 @ 03:09

Egypt’s second-biggest property developer, Palm Hills has reported a 9% increase in first-quarter net profit to EGP49.7m ($7m), Reuters has reported. Palm Hills turned to profitability in 2013, as the luxury real estate developer made a net loss of EGP134.6m in the year before, it said. Earlier this month, US private equity firm Ripplewood said it had acquired a 2.3% stake in Palm Hills, adding that it hoped to increase its stake.

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Saturday, May 17- 2014 @ 3:09 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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