Cairo – Mubasher: Palm Hills’ consolidated profits for FY16 first quarter declined 43.19% year-over-year to EGP105.43 million ($11.90 million) from EGP185.59 million ($20.95 million), according to a bourse filing.
Likewise, its standalone Q1 profits fell by 35.33% to EGP113.76 million, compared to EGP175.91 million for the year-ago quarter.
Earlier, its shareholders gave the green light to distributing cash dividends at EGP 0.15 per share and bonus shares at 1-for-20.
Moreover, the real estate developer’s extraordinary general meeting gave the go ahead for raising issued capital by EGP 219.9 million (109.9 million shares) to EGP 4.618 billion from EGP 4.398 billion.
