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27-04-14

Egypt's SODIC registers USD64m net loss in 2013

(MENAFN) Egypt-based property developer SODIC said that it registered a net loss of USD64 million in 2013, The Peninsula Qatar reported. The company said that the loss was the result of one-off items including a write-down on its investments in Syria. SODIC"s revenue in the year hit USD188.8 million, down 7 percent from the year before it. The property developer logged a net profit of USD36.6 million in 2012. The firm"s managing director said: "Our board decided it would be prudent for us to take an impairment for our investments in Syria ... On our books, it was reduced to zero."