Egypt's SODIC H1 net profit down 94 percent

CAIRO - Egyptian property developer Sixth of October Development and Investment (SODIC) reported a 93.8 percent decline in net consolidated profit in the first half of 2008 to 7.2 million Egyptian pounds ($1.4 million), the stock exchange said on Sunday.

By (Reuters)

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Published: Sun 17 Aug 2008, 4:32 PM

Last updated: Sun 5 Apr 2015, 11:53 AM

A statement from the company said that the company's accounting standards only recognised profits upon full completion of projects, "resulting in a lag between achievement of sales and the actual recognition of those sales and their accompanying returns in the income statement."

On Monday, Egypt's stock market regulator said it had approved a 5-million-pound capital increase by SODIC.

Shares of SODIC were trading 1.5 percent higher at 125.05 pounds per share by 0813 GMT.

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