Cairo – Mubasher: Palm Hills reported a decline of around 85% in net profits for the second quarter of 2016.
The leading real estate developer posted net profits of EGP 63.9 million ($7.2 million) for the second quarter of 2016, down from EGP 413 million ($46 million) for the same period of the previous year.
The company said it recorded sales revenues of EGP 1.071 billion in Q2-2016, compared with EGP 732 million for the comparable period of the preceding year.
The firm attributed its profits decline to the increasing operational costs in Q2-2016, as it reached EGP 777.9 million up from EGP 433 million for the same period a year earlier.
