SODIC swings to quarterly loss
Ahmed Badrawi, the managing director of SODIC has said the Egyptian property developer saw a net loss of EGP447.1m ($64m) last year, compared with a net profit of EGP257m a year earlier, due to one-off items including a write-down on its investments in Syria, Reuters has reported. Revenue in 2013 reached EGP1.324bn, down 7% on the year before. “Operationally we had a very strong 2013, but that is not reflected in the actual figures reported because of these one-off items,” Badrawi said. The one-off items included a non-cash charge of EGP478m related to the firm’s investments in war-torn Syria.