Palm Hills Developments, Egypt's second-largest listed developer, has suffered its biggest loss, dragged down by political upheaval in the country that has hit sales.
It reported a first-quarter net loss of 36.2 million Egyptian pounds, compared with a year earlier net profit of 107m pounds.
Shares declined 3.1 per cent to 2.45 pounds yesterday, the biggest fall since May 31. The benchmark EGX 30 Index lost 0.9 per cent.
Revenues at Palm Hills weakened to 193.5m pounds from 198m pounds a year earlier. Sales in the quarter fell 75 per cent.
Egyptian developers have been hard hit by the turmoil that began on January 25 and swept Hosni Mubarak from the presidency the following month. The developers have been threatened by risks to the execution of projects, availability of financing, slower sales and weak consumer confidence.
The country's once booming property sector is also weighed down by a string of legal challenges to land holdings since a court ruled last year that a sale of government-owned land to Talaat Moustafa Group, the country's biggest developer, was illegal.
Palm Hills' share price has tumbled 61.3 per cent so far this year as investors remain nervous about the developer's debts and liabilities. The company is fighting two suits contesting its land holdings.
To reduce land liabilities and the threat of further litigation, Palm Hills has announced its intention to return its land plots on the north coast and in Cairo, a total of 900 hectares, to the government. However, this matter is still pending with the government.
"While acceptance of the offer by the government would improve the liquidity position of the company," said Ankur Khetawat, an analyst at Alembic HC Securities in Dubai, "it would significantly reduce the company's land bank."
Palm Hills would have a combined undeveloped area of 1,500ha if the plots were returned.
"The earnings don't really matter and remain secondary to the outstanding legal disputes," said Ahmed Badr, an analyst at Credit Suisse in Dubai.
halsayegh@thenational.ae
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Name: Almnssa
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Based: Gaza
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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