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Saturday, December 5 - 2009

Sodic Q2 revenues down

  • Egypt: Wednesday, August 19 - 2009 at 10:51

Egypt's real estate giant Sixth of October Development and Investment (Sodic) has said that its revenues for the period from April 1 through the end of June had dropped to EGP3.85bn from EGP11.61bn for Q2 2008, the Daily News Egypt has reported. Revenue 'is down because there were no deliveries during that period,' Sodic CFO, Ahmed Dabbous has noted.

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Analysts, however, have said these results are misleading because of International Accounting Standards. 'The decline in revenues and net income is not an indication of a deteriorating performance by SODIC as revenues are recorded based upon delivery revenues recognition, which creates fluctuations in revenues on a quarterly basis,' brokerage firm Beltone Financial has said.
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