Egypt's Sodic posts 2010 net profit
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Egypt's Sodic posts 2010 net profit

Egypt's Sodic posts 2010 net profit

Egypt's Sixth of October Development and Investment Co (Sodic) has announced it swung to a net profit of EGP135.3m in 2010 and doubled project sales, Reuters has reported. The country's third-biggest listed developer, which does not fully recognize revenues until it delivers units, made a net loss of EGP112.5m in 2009. The firm made EGP2bn worth of sales in projects, a 100% increase from last year, while 2010 revenues jumped to EGP520m, from EGP30.7m a year earlier. Last month, the developer said it was assuming zero sales for 2011 but remained optimistic about Egypt's growth prospects.

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