Friday, 20 October 2017 02:30 GMT
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Egypt's SODIC registers USD64m net loss in 2013

(MENAFN) Egypt-based property developer SODIC said that it registered a net loss of USD64 million in 2013, The Peninsula Qatar reported. The company said that the loss was the result of one-off items including a write-down on its investments in Syria. SODIC"s revenue in the year hit USD188.8 million, down 7 percent from the year before it. The property developer logged a net profit of USD36.6 million in 2012. The firm"s managing director said: "Our board decided it would be prudent for us to take an impairment for our investments in Syria ... On our books, it was reduced to zero."
Egypt's SODIC registers USD64m net loss in 2013