Complex Made Simple

Palm Hills swings to profit

Palm Hills Development (PHD), Egypt's second-biggest listed property developer, has posted a net profit of EGP2.1m ($300,000) in the first six months of 2013, compared with a loss of EGP77m ($11m) in the same period of last year, Ahram has reported. Palm Hills has been hit by the country's political turmoil, and construction almost stopped on a number of the company's projects, with severe delays witnessed, said real estate analyst at Beltone Financial, Habiba Hegab. "Palm Hills has some liquidity problems, which impacted its operations significantly post-revolution," Hegab told the daily.