Egypt Palm Hills 9-month net up 16%
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Egypt Palm Hills 9-month net up 16%

Egypt Palm Hills 9-month net up 16%

Egypt's Palm Hills Developments has said its nine-month net profit rose 16%, Reuters has reported. Egypt's second-biggest listed property developer earned EGP345.1m ($60.4m), compared to EGP290.5m in the first nine months of 2009. The company sells homes before they are built and does not recognise some revenue on units such as apartments and multi-tenant buildings until they are finished, which means that sales can show up on their income statement years after they are made.

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